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#1
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Zoom aint zooming no more
And another bites the dust...........
Full read: http://www.walletpop.com/article/_a/...-planes/153074 Snip: TORONTO (Aug. 29) -- Hundreds of Zoom Airlines passengers were stranded Thursday in Canada and the UK after the cash-strapped Canadian airline suddenly canceled all of its flights after creditors took action to get money owed them. Zoom said the economic downturn and the unprecedented rise in the price of aviation fuel made it impossible for the privately owned company to continue operations. "We have done everything we can to support the airline and left no stone unturned to secure a refinancing package that would have kept our aircraft flying," company founders Hugh and John Boyle said in a statement. "Even as late as lunchtime today [Thursday] we believed we had secured a new investment package to ensure future operations but the actions of creditors meant we could not continue flying." Boyle said the company was unable to complete the investment package, leaving the directors of Zoom with no option but to start insolvency and administration proceedings. |
#2
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Zoom aint zooming no more
"Duh_OZ" wrote in message ... And another bites the dust........... Full read: http://www.walletpop.com/article/_a/...-planes/153074 Snip: What gets me is the headline he http://www.timesonline.co.uk/tol/tra...cle4633302.ece "Anger of Zoom passengers stranded by collapse of transatlantic budget airline" It's almost like they think that this is the result of a con. I'm sure that the owners of the company are going to lose as much as any of the pax tim |
#3
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Zoom aint zooming no more
"tim....." wrote in message ... "Duh_OZ" wrote in message ... And another bites the dust........... Full read: http://www.walletpop.com/article/_a/...-planes/153074 Snip: What gets me is the headline he http://www.timesonline.co.uk/tol/tra...cle4633302.ece "Anger of Zoom passengers stranded by collapse of transatlantic budget airline" It's almost like they think that this is the result of a con. I'm sure that the owners of the company are going to lose as much as any of the pax tim In pure financial terms (rather than jobs/earnings) it's unlikely that the owners of Zoom will lose any personal money given that Zoom was a limited liability company. However passengers that booked using debit (rather than credit) cards stand to lose all of their money plus the additional expense of booking alternative flights. |
#4
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Zoom aint zooming no more
-----BEGIN PGP SIGNED MESSAGE-----
Hash: SHA1 What sucks for Zoom is that this is the second time around for most of the employees there, as a fair number of them were former Canada 3000 employees, and maybe some ex-Royal employees. But former CMM guys, for sure.. BL. - -- Brad Littlejohn | Email: Unix Systems Administrator, | Web + NewsMaster, BOFH.. Smeghead! | http://www.wizard.com/~tyketto PGP: 1024D/E319F0BF 6980 AAD6 7329 E9E6 D569 F620 C819 199A E319 F0BF -----BEGIN PGP SIGNATURE----- Version: GnuPG v1.4.9 (GNU/Linux) iD8DBQFIuQF8yBkZmuMZ8L8RArTiAKDuv6CozjT/hHIOB1zg516aZ4sqnACfdE7g /3lSvz9bc8lboW94yxB9k9Q= =bFHJ -----END PGP SIGNATURE----- |
#5
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Zoom aint zooming no more
tim..... writes:
What gets me is the headline he http://www.timesonline.co.uk/tol/tra...cle4633302.ece "Anger of Zoom passengers stranded by collapse of transatlantic budget airline" It's almost like they think that this is the result of a con. Agreed. Even when people pay dirt prices, they expect caviar. Perhaps it doesn't occur to them that a company really can go out of business if it doesn't make enough money. If they don't want to run the risk of the airline on which they're flying going under, they can travel with another airline that charges enough to cover its costs. There are no free lunches. |
#6
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Zoom aint zooming no more
"Nigel" wrote in message ... "tim....." wrote in message ... "Duh_OZ" wrote in message ... And another bites the dust........... Full read: http://www.walletpop.com/article/_a/...-planes/153074 Snip: What gets me is the headline he http://www.timesonline.co.uk/tol/tra...cle4633302.ece "Anger of Zoom passengers stranded by collapse of transatlantic budget airline" It's almost like they think that this is the result of a con. I'm sure that the owners of the company are going to lose as much as any of the pax tim In pure financial terms (rather than jobs/earnings) it's unlikely that the owners of Zoom will lose any personal money given that Zoom was a limited The directors probably put a chunk of money in up front which they now won't be getting back. Bank's don't, in the main, lend 300 million to a new speculative company unless the directors have stumped up first. They've also lost a 300K (or more) year job that they won't be replacing in a hurry. tim |
#7
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Zoom aint zooming no more
Mxsmanic wrote:
tim..... writes: What gets me is the headline he http://www.timesonline.co.uk/tol/tra...cle4633302.ece "Anger of Zoom passengers stranded by collapse of transatlantic budget airline" It's almost like they think that this is the result of a con. Agreed. Even when people pay dirt prices, they expect caviar. Perhaps it doesn't occur to them that a company really can go out of business if it doesn't make enough money. If they don't want to run the risk of the airline on which they're flying going under, they can travel with another airline that charges enough to cover its costs. There are no free lunches. In recent years, how many airlines in the Zoom markets have been covering their costs? |
#8
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Zoom aint zooming no more
mrtravel writes:
In recent years, how many airlines in the Zoom markets have been covering their costs? The ones that have stayed in business. |
#9
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Zoom aint zooming no more
"Mxsmanic" wrote in message ... mrtravel writes: In recent years, how many airlines in the Zoom markets have been covering their costs? The ones that have stayed in business. ----------------------------------------------------------------- This just means that they have bigger pockets. The term "last man standing" comes to mind, they could all be loss making, waiting for the rest to go out of business so that they can increase prices to make a profit tim |
#10
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Zoom aint zooming no more
tim..... writes:
This just means that they have bigger pockets. The term "last man standing" comes to mind, they could all be loss making, waiting for the rest to go out of business so that they can increase prices to make a profit As long as they are in business, it's hard to say how they stay in business without a careful financial analysis--but they surely are covering their costs, be it through ticket revenue, the deep pockets of the owner, or increasing debt. |
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