Wasaya, maybe bankrupt?? maybe not..

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flyinhigh
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Wasaya, maybe bankrupt?? maybe not..

Post by flyinhigh »

It appears Wasaya is in the final stages of its restructuring.

I am guessing Wasaya did declare bankruptcy or is on the verge. To all that may be affected if it does not go there way, good luck

First article is from just the other day, and the second is from last month.

http://www.netnewsledger.com/2016/05/14 ... -proposal/


http://www.chroniclejournal.com/news/lo ... b6258.html
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cncpc
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Re: Wasaya, maybe bankrupt?? maybe not..

Post by cncpc »

That is pretty outrageous.

It would be very interesting to see the income statement of that company over the last ten years, the changes in management and directors, and how it just kept piling up the debt, and how it entered into so many unsecured creditor deals.
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bobcaygeon
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Re: Wasaya, maybe bankrupt?? maybe not..

Post by bobcaygeon »

Creditors approved the deal. They are debt free and Sr. management has done their job dealing with the past. Now how will they do going forward?
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cncpc
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Re: Wasaya, maybe bankrupt?? maybe not..

Post by cncpc »

bobcaygeon wrote:Creditors approved the deal. They are debt free and Sr. management has done their job dealing with the past. Now how will they do going forward?
Which creditors, Bob? Secured or unsecured or both?

Where are they going to get the new management team?

Oh, it's the same management team?
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Illya Kuryakin
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Re: Wasaya, maybe bankrupt?? maybe not..

Post by Illya Kuryakin »

Can you say "government bail out"?
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NotDirty!
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Re: Wasaya, maybe bankrupt?? maybe not..

Post by NotDirty! »

bobcaygeon wrote:Creditors approved the deal. They are debt free and Sr. management has done their job dealing with the past. Now how will they do going forward?
Creditors approving the deal is a long way from being debt free! There is still the $11.588MM secured debt, plus the deal was to write off 90% of the unsecured debt, which still leaves $2.4MM paid out to the creditors in this deal, which was to be reinvested back into Wasaya as an unsecured loan. So by my count, they are still almost $14MM in debt, and created a $8,654,010 loss for their owner communities.

In other words:
Good Job!!TM
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trey kule
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Re: Wasaya, maybe bankrupt?? maybe not..

Post by trey kule »

And the losses to the "owners". Comes right out of taxpayers pockets, and you can bet they will be crying to Prime Minister selfie for more money. If it comes with a photo op, I sm certain he will have no problem reaching into all of our pockets for more money. Or borrowing it and letting our kids pay for it.

This shell game of taxpayers money being wasted has got to stop.
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North Shore
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Re: Wasaya, maybe bankrupt?? maybe not..

Post by North Shore »

One wonders if businesses will be asking for cash up front before providing Wasaya with services in the future?
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iflyroads
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Re: Wasaya, maybe bankrupt?? maybe not..

Post by iflyroads »

North Shore wrote:One wonders if businesses will be asking for cash up front before providing Wasaya with services in the future?

and in turn wasaya asking cash upfront from its new hires....
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flyinhigh
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Re: Wasaya, maybe bankrupt?? maybe not..

Post by flyinhigh »

iflyroads wrote:
and in turn wasaya asking cash upfront from its new hires....
Oh that is already done. Haha
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iflyroads
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Re: Wasaya, maybe bankrupt?? maybe not..

Post by iflyroads »

flyinhigh wrote:
iflyroads wrote:
and in turn wasaya asking cash upfront from its new hires....
Oh that is already done. Haha
Really? I thought it was a loan agreement made in your name with the bank but the company pays it so as long as you stay with them? And if you were to leave the bank chases after you... Unless I'm confused with another company.
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cdnpilot77
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Re: Wasaya, maybe bankrupt?? maybe not..

Post by cdnpilot77 »

iflyroads wrote:
flyinhigh wrote:
iflyroads wrote:
and in turn wasaya asking cash upfront from its new hires....
Oh that is already done. Haha
Really? I thought it was a loan agreement made in your name with the bank but the company pays it so as long as you stay with them? And if you were to leave the bank chases after you... Unless I'm confused with another company.

Semantics....it's the same thing as money up front. It's not an advisable tactic for job hunters especially if the terms of the agreement and working conditions are shaky and/or the company is not solid financially. Which one of these does wasaya fit in?
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iflyroads
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Re: Wasaya, maybe bankrupt?? maybe not..

Post by iflyroads »

cdnpilot77 wrote:
iflyroads wrote:
flyinhigh wrote:[quote="iflyroads"

Really? I thought it was a loan agreement made in your name with the bank but the company pays it so as long as you stay with them? And if you were to leave the bank chases after you... Unless I'm confused with another company.

Semantics....it's the same thing as money up front. It's not an advisable tactic for job hunters especially if the terms of the agreement and working conditions are shaky and/or the company is not solid financially. Which one of these does wasaya fit in?
Yes I agree..a lot of those bond agreements don't spell out what happens if the company goes under or if you get laid off.
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Blueontop
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Re: Wasaya, maybe bankrupt?? maybe not..

Post by Blueontop »

It's cash up front with prime plus 2% paid back. B1900 is $9500, the dash is around $15000 I believe and so on. This is paid back over one year.
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NotDirty!
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Re: Wasaya, maybe bankrupt?? maybe not..

Post by NotDirty! »

Blueontop wrote:It's cash up front with prime plus 2% paid back. B1900 is $9500, the dash is around $15000 I believe and so on. This is paid back over one year.
So I take it that they didn't write off those debts? Or at least not yet.... Ask yourself if you want to join the list of creditors before you agree to anything.....
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Jean-Pierre
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Re: Wasaya, maybe bankrupt?? maybe not..

Post by Jean-Pierre »

Blueontop wrote:It's cash up front with prime plus 2% paid back. B1900 is $9500, the dash is around $15000 I believe and so on. This is paid back over one year.
You have to be insane to give a company in this situation 15000.
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flyinthebug
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Re: Wasaya, maybe bankrupt?? maybe not..

Post by flyinthebug »

Blueontop wrote:It's cash up front with prime plus 2% paid back. B1900 is $9500, the dash is around $15000 I believe and so on. This is paid back over one year.
Its gone down from when I was offered their 1900D in 1998...It was 11,000$ cash upfront back then. With a wife and 3 small kids, it was impossible for me to secure the loan at that time. 8 years later they hired me to run their base in YRL. They had a very capable Exec VP at the time, and Wasaya was actually profitable. This VP left the company 7 months after I started, and the company started its downward spiral shortly after PD left. It was left in the hands of VPs & senior managers with casino problems, and non pilots that really had no clue how to run an airline. I left in disgust after left than a year.

I feel bad for the great people that work there in flight ops and maint. Good bunch of guys and gals...but managed by some very inept people. That's my polite version. In one case, managed by a clear criminal who had been charged for his unauthorized use of a company credit card...to the tune of 6 figures.

I wish Wasaya the best because I care about the company and its people...but if they don't change management, the same things will continue to happen and Wasaya is living on borrowed time (and money).

Fly safe all.
FTB
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Kosiw
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Re: Wasaya, maybe bankrupt?? maybe not..

Post by Kosiw »

Are they seriously looking at this 28 million dollar aircraft as a replacement for the Hawker ??

http://www.cbc.ca/news/canada/thunder-b ... -1.3649831
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Re: Wasaya, maybe bankrupt?? maybe not..

Post by rigpiggy »

Really, do they think that TC will just rubber stamp an airworthiness certificate. How many of these would they sell in Canada, do you think it would be worth airbus putting 25M into the process, unless it is a precursor to the fwsar deal
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cdnpilot77
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Re: Wasaya, maybe bankrupt?? maybe not..

Post by cdnpilot77 »

Sure....why not...they have a few million in debt they can't seem to pay, while waiting for the bailout...instead of $3-4mill lets just give them $140mil and the keys to 5 brand new airplanes....what could go wrong?
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