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 Post subject: GOODBYE TO HELLO?
PostPosted: Mon Oct 22, 2012 3:01 pm 
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Joined: Sun May 01, 2011 6:54 pm
Posts: 52
Location: Castleford, West Yorkshire, UK
Swiss airline Hello in trouble! The below is from their web-site;
Hello bankruptcy court granted postponement

The airline Hello AG has deposited with the competent court in Basel its balance sheet. The court has granted a delay bankruptcy for the time being until the end of November. Flight operations from Basel and Zurich was set yesterday in the late evening. Reason for insolvency are weggefallene large orders, a dwindling tourist trade, high fuel costs and failures of a management employee in the finance department. Overall, Hello AG has operated with about 140 employees, four of their Airbus A320. For a social plan will be provided.

After all attempts have failed to capitalize on the airline Hello AG again shortly to Management and Board of Hello AG decided to flight operations as of Sunday evening, 21 October 2012, 23.00 clock coordinated set. All aircraft and crews are located in Switzerland. An uncontrolled demolition operation was avoided. For the 140 employees is a social plan. In addition, they can enjoy a care team.

This morning, the court has granted a delay bankruptcy for the time being until the end of November. This is to give the Board and management time to ensure the recapitalization of the company.

Among the reasons for the bankruptcy include the insolvency of two French major customers, continually rising fuel costs, the high Swiss franc, which has led to the termination of a contract with TUI Germany and the increasingly fierce competition in the tourism business.

These were recently discovered failures of the former chief financial officer, from the Hello AG has separated at the end of September. The Management and the Board of Directors provided weekly and monthly figures presented is subsequently discovered to be false. Management and the Board therefore had always been convinced that it is sufficient liquidity available. But this was not the case. The examination of the figures by the new CFO now brought clarity. All efforts to obtain additional short-term liquidity, were unsuccessful.

The tour operators and travel agencies, which were working Hello, yesterday informed by the existing emergency postures and provide the passengers booked on Hello to other travel opportunities. Thanks to the controlled demolition operation, the good cooperation with the tour operators and the appropriately prepared contingency plans today about a large part of the affected passengers departing on time in Zurich and Basel, but with other airlines.

Hello has no single book of revenue passengers. All seats are sold on package agreements with travel agencies.

Board of Directors and the Hello AG are very disappointed and regret the situation extremely.

For media inquiries, CEO Robert Somers is available.
+41 61 327 2985

Information for Employees
+41 61 327 2955

Information for passengers
+41 61 327 29 00

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