LAXintl From United States, joined May 2000, 9597 posts, RR: 12 Posted (7 months 3 weeks 5 days 4 hours ago) and read 1473 times:
With so many defunct the airlines as of late, the interest in assets and the previous gem like operating certificates seems to not draw much attention today.
Quote: Eos Seeks Asset Auction, But Lacks A Bidder
05/16/2008
Eos told a bankruptcy court judge this week that "time is of the essence" in finding a buyer for all or some of its assets, and it asked the court to approve an auction process that would begin this month.
Eos, which filed for Chapter 11 bankruptcy protection April 26, could begin that process without a lead bidder. Eos told the court that it is continuing to negotiate with "potential purchasers," but said it has been unable to reach a purchase deal that would be its stalking-horse bid, which is the bid that would establish the minimum price for the assets.
The airline still hopes to sell the business including its customer lists, operating systems, aircraft leases, facilities and operating certificates. But Eos said it also is "exploring opportunities" to sell its assets in several separate transactions.
Under its proposed auction process, it would serve notice of the auction May 23, accept bids until June 6, and---assuming more than one qualified bidder emerges---conduct an auction and select the successful bidder June 9. Eos told the court the timing of the sale "will be critical to the [company's] successful liquidation."
DLPMMM From United States, joined Apr 2005, 2367 posts, RR: 3 Reply 5, posted (7 months 3 weeks 4 days 21 hours ago) and read 1072 times:
Quoting Wedgetail737 (Reply 1): I'm surprised no one has their eyes on the 757's, whether for cargo conversion or new passenger service.
They don't own it. They are trying to sell the leases on their aircraft. I don't know why anyone would buy them when they can be leased directly from the owners very soon.
Their other assets outside the operating cert. sound pretty much worthless as well. Customer lists?, Operating systemns? Not much value there.
FlyingClrs727 From United States, joined Apr 2007, 419 posts, RR: 0 Reply 7, posted (7 months 3 weeks 4 days 20 hours ago) and read 1052 times:
Quoting DLPMMM (Reply 5): Their other assets outside the operating cert. sound pretty much worthless as well. Customer lists?, Operating systemns? Not much value there.
They proved they knew how to make a small fortune in the airline industry.
LAXintl From United States, joined May 2000, 9597 posts, RR: 12 Reply 11, posted (7 months 2 weeks 6 days 15 hours ago) and read 441 times:
Update on the potential auction --
Quote: Delta and Mexicana Object To Eos Airlines' Auction Plan
May 22, 2008
Eos Airlines Inc.'s proposal to auction off its assets has come under fire from several other airlines, including Delta Air Lines Inc. and CompañÃa Mexicana de Aviación SA.
Eos last week asked the U.S. Bankruptcy Court in White Plains, N.Y., for permission to put its all-business-class airline on the auction block, though it hasn't yet lined up a lead bidder.
Mexicana, owed $2.4 million by Eos, accused the airline of using the auction "to buy time in the faint hope of a last-minute rescue." In court papers, Mexicana said it objects to "having its airplanes held hostage to a lost cause" while Eos "hopes for a miracle." Mexicana leased Eos three aircraft in 2007 and said Eos had defaulted on the terms of that agreement.
However, Delta, which has entered into business agreements with Eos over the past several years, said some of the assets Eos wants to put up on the auction block aren't its own.
LAXintl From United States, joined May 2000, 9597 posts, RR: 12 Reply 12, posted (7 months 2 weeks 5 days 2 hours ago) and read 298 times:
OK A.netters, the auction is on. Get your bids in by the 28th.
Quote: Court Approves Process and Schedule for Auction and Sale of Eos Airlines and Its Assets
Friday May 23
PURCHASE, N.Y.--(BUSINESS WIRE)--The U.S. Bankruptcy Court in the Southern District of New York has approved a process and schedule for the auction and sale of Eos Airlines and its assets.
Through the auction and sale process, Eos hopes to sell either its business to a party interested in restarting Eos as a going concern or all of Eos’ most valuable assets to one or more purchasers. The court also approved procedures for the sale of certain de minimis assets on an expedited basis.
The Court approved approve bidding procedures and scheduled an auction to approve a successful bid. The deadline for submission of bids for any of the assets of Eos is May 28, 2008, with an auction to take place on June 9, 2008.
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