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Apr-28-2008Last Dawn For Eos Airlines(topic overview)
CONTENTS:
- In the latest airline industry event caused by the U.S. credit crunch the Eos Airlines announced this weekend that it has filed for Chapter 11 bankruptcy protection and said that it would totally stop operations on Sunday or as late as Monday. (More...)
- The loss-making all-business class carrier declared bankruptcy yesterday (April 27), citing the failure of a last-ditch attempt to raise $50 million (''25 million) from investors. (More...)
- UNITED STATES -- Another U.S. airline has filed for bankruptcy. (More...)
- The bankruptcy filing in New York listed $70.2 million in assets and $34.9 million in debts. (More...)
- The carrier operated Boeing 757 planes outfitted with just 48 seats that converted to lie-flat beds. Prices, in the range of $2,700 to $3,400 round trip, were much lower than business class on larger competitors. (More...)
- Last-ditch efforts to raise $50m from one of the group'''s existing investors failed, and the airline said it did not have sufficient cash to continue operations. (More...)
- As recently as last week, it insisted that it was "hopeful" of securing the necessary funding. (More...)
- The airline was launched two years ago and had hoped to capitalise on the "Open Skies" agreement that opened the lucrative transatlantic routes to new airlines. (More...)
- Travel insolvency insurance provider International Passenger Protection (IPP) warned last week that airlines were facing a 9/11-style slump. (More...)
- Servisair LLC, which provides ground services at airports, was listed as the holder of the largest unsecured claim against Eos - $744,000. (More...)
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In the latest airline industry event caused by the U.S. credit crunch the Eos Airlines announced this weekend that it has filed for Chapter 11 bankruptcy protection and said that it would totally stop operations on Sunday or as late as Monday. The all business class transatlantic airline is the fourth carrier in the United States to go out of business this month, blaming the surging fuel prices, tight credit markets and the slowing economy, which are pretty much destructive for smaller companies. Airlines including Aloha AirGroup Inc., ATA Airlines Inc. and Skybus Airlines Inc. saw themselves forced to cease operations because they could not withstand the economical challenges. Eos plans to operate its last flights between London's Stansted Airport and New York's Kennedy Airport on Sunday after the company was forced to file a voluntary petition for Chapter 11 bankruptcy. The closely held Eos, based in Purchase, NY, previously this month said that it was expecting to receive around 50 million dollars in new capital from an investor, but unfortunately the financing process failed to take place, so that the company saw the impossibility of continuing operations because it did not have enough cash. The airline reported that it would probably lay off most of its employees. [1] NEW YORK (Reuters) - Eos Airlines, which offers business class flights between New York and London, said it has filed for Chapter 11 bankruptcy protection, becoming the latest carrier to fail in the face of record fuel prices and a softening economy. Eos said it would stop operations entirely on April 27, cutting most of its work force.[2]
The London-Stansted hubbed carrier, which currently flies to New York, was planning to start daily services to Dubai from June, but has filed for Chapter 11 bankruptcy protection making it the second all business-class airline to do so. Its failure, which comes after just six months in operation, follows in the footsteps of MAXjet, which shut down before Christmas. Eos operated its final flight between Stansted and New York last night - but rival Silverjet immediately stepped in to offer Eos passengers a special rate for seats on its London Luton to Newark service. Silverjet CEO Lawrence Hunt said: "Our commitment lies firstly with ensuring our own passengers enjoy Silverjet's seamless stress-free experience, but we hope that this offer will provide some peace of mind to EOS passengers. "The airline industry is hugely competitive and this has been starkly illustrated by today's announcement.[3] U.S. airline Eos, which launched three years ago to ferry business-class passengers between London Stansted and New York on a fleet of 'well-travelled' 48-seater 757s, has become the latest to fall victim to the slowdown in business flying and the rocketing oil price (which hit $120 today). It filed for Chapter 11 bankruptcy protection yesterday, after failing to persuade its backers to stump up another $50m to fill up its bank account and keep its planes in the air. In a statement on its website, Eos told customers that its 6.30 flight to New York last night would be its final one before winding up operations.[4]
The privately held airline, founded by former British Airways executive David Spurlock, secured $85 million in startup financing in June 2004 from several investors, including private equity firm Golden Gate Capital. It later received additional financing. The carrier was expected to close this Thursday on $50 million in additional financing from an undisclosed investor, but the deal fell through, according to a statement Sunday from Eos. That triggered Saturday's bankruptcy filing. "It is regrettable that, even though investors continue to be enthusiastic about our business model, and even though we had a term sheet in hand, we were unable to close on the financing we needed," Chief Executive Jack Williams said. "That leaves us with insufficient cash on hand to continue operations." Eos operated its final flights Sunday from London's Stansted Airport to New York's John F. Kennedy International Airport, after which it planned to cease operations. The airline plans to immediately eliminate the jobs of most of its 450 employees.[5] The airline said it was on the verge of closing a deal that would have carried the company to financial profitability in 2009, but the agreement fell through. Jack Williams, Eos' CEO, said: "After overcoming today's extremely challenging economic and credit environment to negotiate terms for a round of financing, it is regrettable that we were forced to take this action. "It is regrettable that, even though investors continue to be enthusiastic about our business model, and even though we had a term sheet in hand, we were unable to close on the financing we needed. That leaves us with insufficient cash on hand to continue operations. "There are times in business when even though you execute your business plan and even though your employees do their jobs beautifully, external forces prevent you from controlling your own destiny." Eos flew between New York and London and UK rival Silverjet has stepped into the breach, offering stranded passengers a seat provided they book before May 10th.[6] "Unfortunately, just as we were working toward closing on an investment that would have carried us to corporate profitability in 2009, some issues arose that we could not overcome. "It is regrettable that, even though investors continue to be enthusiastic about our business model, we were unable to close on the financing we needed. That leaves us with insufficient cash on hand to continue operations." Eos issued advice for customers saying it could not pay refunds and advising them to contact their credit card company or travel agent, and contact other airlines to make alternative travel arrangements. Rival Silverjet, the Luton-based carrier that has now seen two of its main competitors collapse, immediately said it would offer Eos passengers seats on its London to New York route. Chief executive Lawrence Hunt said: "The airline industry is hugely competitive and this has been starkly illustrated by today's announcement."[7]
Clearly, even in today's challenging economic and credit environment, investors believe in Eos. Unfortunately, some issues arose that prevented the parties from moving forward," stated Eos, a premium-class airline operating flights between New York and London, on its website. Of the four carriers launched in the all-business niche over the past two years, the closings of Eos this weekend and MaxJet in December leave only Silverjet of the U.K. and L'Avion of Paris. Eos flew only 48 passengers on its Boeing 757s, styling itself a budget-first class service. Silverjet, the last of the British all-business-class carriers, flies 100 passengers on its larger 767 aircraft and charges from ''999 for a business-class return.[8] Ten airlines have now run into financial difficulties in the last four months, including another business class only airline, MaxJet, which ceased operations at the end of last year. Simply the long standing effect of the credit crunch and the price of oil still continuing to rise means many airlines simply cannot maintain flying operations unless they make drastic price increases. Although we predicted several other airlines to come into the same financial difficulties there will sadly be others during this difficult credit crunch and high oil price period, comments Paul Mclean, director of International Passenger Protection (IPP), the largest supplier of default and insolvency insurance to the travel industry. Another business class only airline, UK based Silverjet which operates flights from Luton airport to New York Newark and Dubai, is offering a limited number of seats on its New York route to Eos passengers for the same price as their Eos ticket.[9] NEW YORK and LONDON, April 27 /PRNewswire/ -- Silverjet, the award-winning British exclusively business class airline, announced today a special rate offer to EOS customers following news that EOS has filed for bankruptcy. The offer allows EOS passengers booking with Silverjet access to a limited number of seats on the airline's New York to London route for the same price as their EOS ticket. "Our commitment first lies with ensuring our own passengers enjoy Silverjet's seamless stress-free experience, but we hope that this offer will provide some peace of mind to EOS passengers," said Silverjet CEO Lawrence Hunt. "The airline industry is hugely competitive and this has been starkly illustrated by today's announcement.[10] Dubai, United Arab Emirates Silverjet, the exclusively-business class British airline, has today announced it is to offer a special rate to EOS customers following news that the premium class transatlantic carrier has filed for bankruptcy. Lawrence Hunt, CEO, Silverjet, commented: '''Our first priority is ensuring our own passengers enjoy Silverjet'''s stress-free experience, however we hope that this special offer will provide some peace of mind to EOS passengers in light of today'''s announcement.''' Silverjet'''s private terminal and 30 minute check-in have proved hugely popular with UAE business passengers, and the airline remains confident in its business model despite industry challenges. '''The airline industry is extremely competitive and this has been clearly demonstrated by today'''s announcement.[11]
Eos is the fourth U.S. carrier in the last month to go out of business, joining Aloha Airgroup Inc., ATA Airlines Inc., and Skybus Airlines Inc., which have also folded in the face of high fuel prices and a slowing U.S. economy. Denver's Frontier Airlines Holdings Inc. also filed for bankruptcy protection earlier this month, but said it would continue to fly through its restructuring. Eos, which was launched in 2005, flew its last two flight Sunday before shutting down operations. Former British rival Silverjet said it would offer stranded Eos ticket holders a discounted rate on its flights. It is the second all-business-class airline to fold in recent months, following MAXjet Airways filing for bankruptcy protection on Dec. 24, 2007.[12] Williams said that the airline was "working toward closing on an investment that would have carried us to corporate profitability in 2009. we were unable to close on the financing we needed. That leaves us with insufficient cash on hand to continue operations." In December, MAXJet, a rival business class transatlantic airline, filed for bankruptcy protection and ceased operations on its routes between London and New York, Las Vegas and Los Angeles.[13] Over the weekend, the all-business-class airline that flies between New York and London filed for bankruptcy protection in a New York court. The Wall Street Journal reported Monday that the closely held Eos had expected to receive US$50-million in new capital from current investors in order to keep the company profitable in 2009, but its failure to close on the financing left it with "insufficient cash to continue operating." "This announcement is particularly regrettable since we have achieved so much, including having a term sheet in hand for additional financing," the company said in a statement on its website.[12]
Eos, which operated flights between Stansted and New York JFK, was also planning to start new flights from Stansted to Dubai on 6th July. Earlier this month it said it hoped to secure an extra $50 million from an existing investor that would enable it to become profitable by 2009. It is regrettable that even though investors continue to be enthusiastic about our business model, and even though we had a term sheet in hand, we were unable to close on the financing we needed. That leaves us with insufficient cash on hand to continue operations, says Eos CEO, Jack Williams.[9] The privately held airline had expected to finalize additional financing on Thursday of $50 million from an undisclosed investor, but the deal fell through, according to a statement Sunday from Eos. That triggered the bankruptcy filing on Saturday. Eos operated its final flights Sunday from Stansted Airport near London to Kennedy International Airport in New York, after which it planned to cease operations. The airline plans to immediately eliminate the jobs of most of its 450 employees.[14] Eos Airlines became the latest carrier to say it will shut down. The company filed for Chapter 11 bankruptcy and said it will end its operations today. Eos had offered all-business-class service between London Stansted and New York JFK. The BBC says "Eos will operate its final flights between London's Stansted Airport and New York's Kennedy Airport on Sunday. Its Sunday flights in the opposite direction have been cancelled."[15] PURCHASE, N.Y. (AP) — Eos Airlines has filed for Chapter 11 bankruptcy and will cease operations by Monday, it said Sunday. The business class-only airline is planning to operate its final flights between London's Stansted Airport and New York's Kennedy Airport on Sunday. The Purchase-based company intends to eliminate most of its work force.[16]
The "challenging economic and credit environment" forced the company to file a voluntary petition for Chapter 11 bankruptcy," chief executive Jack Williams said in a statement late Saturday night. The airline's flights between London's Stansted Airport and New York's Kennedy Airport Sunday will be its last. The Purchase, N.Y. -based company intends to eliminate most of its work force.[13]
Business class airline Eos has filed for Chapter 11 bankruptcy. It is the second no-frills business only airline to fail within six months following the collapse of rival MaxJet. The airline cancelled all its flights from New York to London on Sunday and is only operating selected flights over the weekend.[17] U.S. business class carrier Eos Airlines has filed for bankruptcy and has ceased all operations. Eos filed its petition for Chapter 11 protection in U.S. bankruptcy court for the southern district of New York.[6] The Premium Class New York-London carrier EOS Airlines is forced to shot down flight operations, but the planned investment does not close. Eos Airlines, the premium class New York to London carrier, which has become known for its operational excellence and uncrowded Guest experience, announced today that it has filed a voluntary petition under Chapter 11 of the U.S. Bankruptcy Code.[18] LONDON - Eos Airlines, the U.S. business class only airline flying between London and New York, has filed for bankruptcy, becoming the third such carrier to halt operations since December.[19] Eos Airlines, the loss-making U.S. all-business class carrier flying between London and New York, collapsed into bankruptcy and ceased operations on Sunday.[20]
Eos Airlines flew its last flights yesterday, after entering bankruptcy. In case you missed it, Eos was an all-business class airline that began flying its route between New York JFK and London Stansted in October 2005. Budget Travel gave Eos an Extra Mile Award in 2006 because of its standard practice of sending a representative to meet a passenger at their car and speeding them through check-in and security.[21] Now, there remains just once high-end niche carrier from New York to London: Silverjet, which plies the Newark (EWR) to London Luton (LTN) route. American Airlines now remains the sole provider of nonstop lift from New York to London Stansted, with a flight via JFK. As for those booked on Eos, the carrier is directing flyers to its Web site: eosairlines.com. Silverjet is also offering Eos flyers the chance to book flights from New York to London for the price of their original (Eos) tickets.[22] The business-class British Airline Silverjet has offered a special rate for any EOS customers who have been caught out by the news of the EOS bankruptcy. They will be offering a limited number of seats on their aircraft on flights from London to New York for the same price as the EOS ticket would have been.[23] Rizon United Corp. holds a 24 percent stake, court records show. The company said in a note to passengers that they should seek other arrangements for travel and should contact their credit card companies or travel agents for information about how to obtain a refund for unused tickets. It said its frequent-flier program would no longer redeem points, adding that any value related to membership will be determined by the bankruptcy court. British all-business-class carrier Silverjet said Sunday that it would offer a special rate to Eos customers that allows them access to a limited number of seats on Silverjet's New York area to London route for the same price as their Eos ticket.[5] Silverjet'''s passenger numbers continue to climb each month, with a 23% increase in passenger traffic recorded in March alone. The airline operates a daily service from Dubai to its base at London Luton and a twice daily service from London Luton to New York. EOS customers wishing to take advantage of this offer need to call Silverjet on 800 044 0224.[11]
Eos was one of a handful of airlines that popped up in recent years to offer all-business class service between the United States and Europe, mainly from New York to London. One of its competitors, MAXjet Airlines, parked its airplanes and filed for bankruptcy Dec. 24, 2007.[24] Eos, the premium airline that flew between London and New York, filed for Chapter 11 bankruptcy protection last night, a move that appeared to signal the end of cut-price executive-only flights across the Atlantic.[25] The petition was filed 26 April 2008 in the U.S. Bankruptcy Court in the Southern District of New York. Filing for Chapter 11 protection will protect the airline from its creditors enable the company to conduct an orderly liquidation of assets and resolution of claims. In Chapter 11 the firm will be subject to the oversight and supervision of the bankruptcy court and will be governed by its existing board of directors. Eos said it would immediately implement a reduction in its workforce, eliminating the positions of most of its employees, and ceased operations entirely from 27 April 2008.[26] Eos said other carriers are under no obligation to honor unused Eos tickets. The company filed its bankruptcy petition in U.S. Bankruptcy Court in New York, listing $70 million of assets and debt of $35 million.[27]
Aloha Airgroup Inc., ATA Airlines Inc. and Skybus Airlines Inc. ceased operations earlier in April and Frontier Airlines Holdings Inc., filed for bankruptcy protection but continues to operate. Closely held Eos, based in Purchase, N.Y., earlier this month said it expected to receive $50 million in new capital from a current investor, "financing needed to take us to corporate profitability in 2009," the company said at the time.[27] Aloha Air, ATA and Skybus are the other notable carriers to abruptly end operations during the past few weeks. Another, Frontier, filed for bankruptcy but has not faced any operational disruptions. The Journal adds Eos had announced earlier this month that it "expected to receive $50 million in new capital from a current investor, 'financing needed to take us to corporate profitability in 2009,' the company said at the time.[15]
The loss-making all-business class carrier declared bankruptcy yesterday (April 27), citing the failure of a last-ditch attempt to raise $50 million (''25 million) from investors. With hundreds of passengers now unable to make use of its London Stansted to New York JFK connection, Silverjet has stepped in to accommodate stranded flyers by matching the price of their original fare. [28] The first of a new breed of start-ups hoping to challenge the dominance of BA and Virgin Atlantic, Eos filed for Chapter 11 bankruptcy this weekend after failing to finalise an eleventh-hour bailout package. Its final flight, a Boeing 757 to New York's JFK airport, took off from London Stansted at 6.30pm last night.[29] The entire airline industry has been battling surging fuel prices, competitive pressures and declining consumer spending, particularly in the U.S. and UK. Eos will operate its final flights between London's Stansted Airport and New York's Kennedy Airport on Sunday. Its Sunday flights in the opposite direction have been cancelled.[30] Eos said it planned to operate two flights Sunday from London's Stansted Airport to New York's John F. Kennedy International Airport and then shut down. It advised passengers to contact their credit-card companies for refunds and to contact other airlines directly to make alternate travel plans.[27]
The American airline Eos that operates from Stansted Airport has filed for bankruptcy with all flights cancelled and leaving many passengers stranded or searching for refunds to travel on other airlines. The final flights from the airline were flown from Stansted Airport yesterday with no further flights today and all passengers who have flights due to leave today will have to look for a refund from their credit card company. Eos was a well-renowned business airline and had won awards for the quality of its service. The fall of Eos continues to show the current difficulties in todays economic climate and will serve as a warning to other airlines of the fragility of their positions.[31]
Business class only Eos Airlines has gone out of business only a week before it was due to launch new flights from Stansted airport to New York Newark.[9] Eos, which began flying between London Stansted and New York JFK airports in October 2005, is the second all-business class airline to fail within a few months following the collapse of Maxjet Airways, another U.S. start-up, in December.[20] Say so long to Eos Airlines, the luxury niche carrier that flew high-end 757s from New York Kennedy (JFK) to London Stansted (STN).[22] Eos was an improbably candidate for success in the airline industry. It flew one route, from New York's JFK to London. It was an all-business-class carrier.[32]
Eos had seemed ambitious to the end and just last week the airline's chief lifestyle officer Adam Komack told magazine Arabian Travel News the carrier not only planned to fly from London to Dubai but to connect the Middle East with other European destinations. "Our long-term plans include serving approximately 10-12 destinations," he told Arabian Travel News in an exclusive interview. "This includes launching services to other European destinations from New York and the West Coast.[3] Eos Airlines launched round-trip service only for business travelers going from New York to London in 2005, being named after the Greek goddess of the dawn.[1] Eos Airlines has filed for Chapter 11 bankruptcy, leaving hundreds of executives stranded in New York and casting doubts about the future of business class-only airlines.[29] The airline of exclusively business class flights from New York to London said over the weekend it had filed for bankruptcy, becoming the latest failed approach to making the airline business profitable.[33] Eos, the premium class New York to London carrier, filed for bankruptcy on 26 April, and ceased operations the following day.[34]
The high-flying luxuries came to an end, however, on Sunday as Eos, based in Purchase, New York, ceased operations after filing for bankruptcy protection, the latest casualty of a credit crunch and high fuel prices.[14] The high-flying luxuries came to an end Sunday as Purchase, N.Y. -based Eos ceased operations after filing for bankruptcy protection, the latest casualty of a credit crunch and a money-losing airline industry that has been hit hard by high fuel prices.[5] U.S. business-class airline Eos has filed for Chapter 11 bankruptcy protection and said it will cease operating flights by Monday.[30] Eos Airlines Inc., a trans-Atlantic, all-business-class airline, filed for bankruptcy protection over the weekend and said it planned to shut down by Monday, becoming the fourth U.S. carrier to go out of business this month.[27]
Second business class carrier goes bust (Gemma Greenwood) UK-based all business-class carrier Eos Airlines no longer has a Dubai service in its sights after the company filed for bankruptcy on Saturday.[3] At time of filing for bankruptcy, Eos boasted a seven-strong fleet - four are in service, two is being outfitted and one is being used for high-density charters. When asked if there was room for two all business-class carriers on the Dubai-London route, Komack replied: "It is not about business class airlines compared to traditional airlines or about single class versus multi-class. It is about service and value for money.[3] The smaller carriers face stiff competition from deeper-pocketed large airlines that offer business-class service along similar routes. While business class service can be very profitable, it's also a very thin market, airline experts have said, noting that any loss of market share can be devastating to a carrier that only offers business class. Larger carriers, meanwhile, are looking at combinations to protect their futures. Delta Air Lines Inc. announced earlier this month its intention to acquire Northwest Airlines Corp. in a stock-swap deal. Both carriers have a trip through bankruptcy under their belts. "It's no surprise," Calyon Securities airline analyst Ray Neidl said of Eos' downfall.[5]
"I want to express my appreciation to our dedicated employees and to the many guests who have become like family to us." BAA said this morning (Monday, April 28) that Eos was a popular award-winning airline with one of the strongest reputations in the business for service and punctuality - "which makes the news that the airline has ceased trading all the more disappointing". The statement added: "That Eos has fallen victim to the current global economic situation is not blunting the huge efforts we are putting in at Stansted to attract other long-haul carriers and make no mistake, there is a great deal of enthusiasm from a number of airlines to come here.[35] On April 26, 2008, Eos airlines planned to operate Flight 6 (8:30pm) from JFK to STN. On April 27, 2008, Eos plans to operate Flights 3 (1:00pm) and 7 (6:30pm) from STN to JFK. Flight 5 from STN to JFK and all flights from JFK to STN on April 27, 2008 are canceled. Eos airlines will immediately implement a reduction in its workforce, eliminating the positions of most of its employees, and will cease operations entirely after April 27, 2008. Jack Williams, Eos''' CEO, said: '''After overcoming today'''s extremely challenging economic and credit environment to negotiate terms for a round of financing, it is regrettable that we were forced to take this action.[18] Chief executive Jack Williams said the airline was "on the verge of success" with an investment almost secured to take the airline into profitability in 2009 but had been left with "insufficient cash" to continue current operations. He said: "After overcoming today's extremely challenging economic and credit environment to negotiate terms for a round of financing, it is regrettable that we were forced to take this action.[17] Chief executive Jack Williams said the announcement was "particularly regrettable" after the airline had succeeded in negotiating terms for a round of financing despite the "extremely challenging economic and credit environment". "Unfortunately, just as we were working toward closing on an investment that would have carried us to corporate profitability in 2009, some issues arose that we could not overcome," he added.[30]
Silverjet is itself in negotiations with potential investors in a bid to free up more funds as rising fuel costs and the economic downturn continue to mount pressure on the industry. Commenting on his firm's decision to declare bankruptcy, Eos chief executive Jack Williams said: "Unfortunately, just as we were working toward closing on an investment that would have carried us to corporate profitability in 2009, some issues arose that we could not overcome."[28] Williams said that some issues arose that Eos could not overcome just as it was working toward closing on an investment that would have carried it to corporate profitability in 2009. "It is regrettable that, even though investors continue to be enthusiastic about our business model, and even though we had a term sheet in hand, we were unable to close on the financing we needed. That leaves us with insufficient cash on hand to continue operations," Williams said.[26] '''Unfortunately, just as we were working toward closing on an investment that would have carried us to corporate profitability in 2009, some issues arose thatwe could not overcome. It is regrettable that, even though investors continue tobe enthusiastic about our business model, and even though we had a term sheet in hand, we were unable to close on the financing we needed. That leaves us with insufficient cash on hand to continue operations. '''There are times in business when even though you execute your business plan and even though your employees do their jobs beautifully, external forces prevent you from controlling your own destiny.[18]
Eos's last flight took off at 6:30 pm yesterday from Stansted to JFK on the same route the airline has owned for almost 2 years. "It is regrettable that, even though investors continue to be enthusiastic about our business model, we were unable to close on the financing we needed," Williams told a press conference. "That leaves us with insufficient cash on hand to continue operations."[36]
Eos, which was founded by David Spurlock, a former British Airways executive, was the first of the low-cost business operators to launch, starting flights in October 2005, and it raised $212 million from private equity groups and individual investors. Eos had begun to edge its way into the City's favours and is thought to have been included on the preferred airline lists of a number of big institutions. It still needed additional financing and approached its original investors seeking more money this month.[25]
ATLANTA -- When Eos Airlines Inc. launched its first flights in 2005, the startup carrier named for a Greek goddess came with enthusiastic business travelers looking for more space who didn't mind hefty fares for premium service across the Atlantic. An Eos Airlines jet sits on the tarmac at Stanstead Airport in England in this undated photo.[37] Eos customers will be granted access to a limited number of seats on Silverjet's service between Newark Liberty International Airport and London Luton. Lawrence Hunt, Chief Executive of Silverjet, said: "Our commitment first lies with ensuring our own passengers enjoy Silverjet's seamless stress-free experience, but we hope that this offer will provide some peace of mind to Eos passengers. "The airline industry is hugely competitive and this has been starkly illustrated by today's announcement."[38] Eos passengers will be able to book Silverjet flights from New York to London for the price of their original Eos tickets. Bookings with Silverjet must be made by 7pm (EST) on May 10 and passengers will be required to present electronic proof of purchase for their original Eos flights.[38] Eos operated flights between New York JFK and London Stansted, with Boeing 757s that offered 48 passengers seats that converted to flat beds.[26] Eos, which began flying between London Stansted and New York JFK airports in October 2005, ceased operations yesterday.[19] The New York based carrier says it will cease all operations by Monday. The company plans to operate its final flights between London's Stansted Airport and New York's Kennedy Airport on Sunday.[39]
The latest casualty on the competitive transatlantic route is Eos, which operated a 48-seat service between Stansted airport and New York.[40] Eos was launched two years ago, flying between New York's JFK airport and the UK's Stansted. Its collapse follows the demise of rival Maxjet last December.[30] The demise of Eos - following the collapse of fellow business-class specialist Maxjet in December last year - leaves Silverjet as the sole business-class-only airline operating between London and New York.[4]
The airline launched round-trip service for business travelers from New York to London in 2005.[39] It may also call into question BA's decision to launch its own business class-only service from London City Airport to New York next year.[29]
The tickets carried a hefty price tag -- up to $9,000 roundtrip from New York to London -- but the luxuries were aimed toward more discriminating business travelers.[41] The price for the New York to London flights, which it offered twice a day, ranged from $3,500 to $9,000 roundtrip.[5] The price for the twice-daily flights from New York to London ranged from $3,500 to $9,000 for a round trip.[14]
The petition was filed April 26 in the U.S. Bankruptcy Court in the Southern District of New York. Eos will immediately reduce its workforce, eliminating most of its positions. This is a new product that, at the time of purchase, allows clients with retentions up to $250,000 for Workers Compensation and Automobile Liability to budget the future premium necessary in order to close out their loss sensitive program.[42] Eos has filed for bankruptcy in the U.S. Bankruptcy Court in the Southern District of New York. "This announcement is particularly regrettable since we have achieved so much, including having a term sheet in hand for additional financing.[8] Our unique relationship makes it all the more difficult to share with you the news that Eos has filed for bankruptcy in the U.S. Bankruptcy Court in the Southern District of New York.[24]
UNITED STATES -- Another U.S. airline has filed for bankruptcy. This time it's business class-only Eos Airlines. [39] Business-only Eos Airlines has filed for Chapter 11 bankruptcy protection and laid off most staff.[26] All-business-class airline Eos will cease operations on Monday after filing for bankruptcy protection in the U.S. The airline was making its last flight today and said most of its workforce would lose their jobs immediately.[7] Rising oil prices are causing havoc in the airline industry and Eos is the seventh carrier in two weeks to seek bankruptcy protection or go bust.[25] Eos is one of a handful of small carriers to file for bankruptcy protection or to go out of business in recent months. One of Eoss main rivals in the all-business-class niche, MAXjet Airways, stopped flying in December.[14]
Eos Airlines is the second U.S. all-business class carrier to collapse in the past few months, with Maxjet Airways declaring bankruptcy last December.[28] Forbes.com says Eos' collapse -''' coupled with the December demise of all-business class carrier MAXjet '''- raises "questions about the viability of smaller transatlantic carriers who are fighting rising fuel costs while trying to win market share from much bigger rivals." Other niche airlines still offering all-business-class service on trans-Atlantic routes are French carrier L'Avion and Britain's Silverjet.[15] Sustained high oil prices have pushed up operating costs while the worsening economic environment has reduced demand for premium air travel and the new carriers struggled to compete with better-capitalised rivals. Eos occupied the top end of this niche market and flew only 48 passengers on its Boeing 757s, styling itself a budget-first class service. Silverjet, the last of the British all-business-class carriers, flies 100 passengers on its larger 767 aircraft and charges from £999 for a business-class return - about a third of a typical BA business-class fare.[25] If Eos is unresponsive, contact your credit card company. Other airlines, including BA and Silverjet are offering business class tickets at Eos's prices for last-minute fares, to help stranded passengers.[21] Lawrence Hunt, Silverjet's founder and chief executive, insisted the collapse of Eos would benefit his airline. "This is very good news for us as it leaves us as the only operator. It's very sad that they've gone but their business model was always going to struggle in a downturn as they weren't offering any major price advantage."[29]
The carrier has been quick to take advantage today, offering disappointed Eos customers the chance to re-book on available Silverjet flights. Another beneficiary of the Eos downfall could be Sir Richard Branson's Virgin Atlantic, whose own business-class revenues have also been suffering slightly in the current climate (although overall passenger numbers are flourishing, Virgin UK boss Gordon McCallum told us last week). The carrier latched onto the opportunity to give its Johnny-come-lately rivals a kicking, suggesting that travellers would 'now find it too risky to book with business-only airlines as, if they collapse, they do so with little notice, leaving their passengers stranded and possibly out of pocket'. Time will tell whether Silverjet can succeed where its rivals have failed.[4] If you have a flight booked with EOS, contact your credit card company or your travel agent for a refund. EOS will not be paying refunds, so save yourself the frustration of contacting them. Silverjet, the Luton-based carrier will do everything it can to help jilted EOS passengers get where they need to go.[36] Analysts blame the high cost of fuel, a slowing economy and a credit crunch. Other carriers that have declared bankruptcy recently include Skybus and ATA airlines. Eos asked passengers to contact their credit card companies or travel agents to find out how to obtain refunds for unused tickets. It said frequent-flier program participants will not be able to redeem their points.[41]
Eos Airlines Inc. became the latest U.S. carrier to fold in the face of weakening demand and high fuel prices.[12] Eos' rival business-online airline MaxJet filed for Chapter 11 in December, troubled by rocketed fuel prices and a poor punctuality record.[26] There have been a handful of small carriers to file for Chapter 11 or go out of business in recent months. One of Eos' main rivals in the all-business-class niche, MAXjet Airways, stopped flying in December.[5]
Coming just four months after rival Maxjet went bankrupt, the demise of Eos looks set to increase the pressure on Aim-listed Silverjet, the only remaining business class-only airline.[29] Rival airlines including Silverjet and Virgin Atlantic were scrabbling to put in place special fares for stranded Eos passengers.[29] Silverjet seat deal for Eos passengers Your guide to cheap airline tickets & hot airfare deals.[38]
Silverjet's private terminals and exclusive lounge facilities that allow customers to arrive as little as 30 minutes prior to departure have proven to be extremely popular with business passengers. EOS customers wishing to take advantage of this offer are asked to call Silverjet toll-free at 877 FLY SILVERJET (877-359-7458).[10] Silverjet, unlike EOS, have been enjoying an increase in passenger numbers and recorded a 23% increase in passenger numbers in March alone. If you would like to take this opportunity with Silverjet theh the number to call is 800 044 0224 and you will need to provide electronic proof of the price that you have paid to EOS. The offer is open until the 10th May 2008.[23] Electronic proof of the ticket price paid to EOS is required. This offer applies to EOS customers booking with Silverjet before 7 PM EST on May 10, 2008.[10] Offer applies to EOS customers booking with Silverjet before midnight the 10th May 2008 (BST).[11]
Silverjet is offering EOS customers the opportunity to rebook on available services following EOS''' bankruptcy.[34] Late Saturday night, premium service airline Eos Airlines announced that it was filing for bankruptcy, laying off most of its people and stopping all flights as of Sunday.[24] Eos Airlines, the all business class transatlantic airline, has become the latest casualty of the credit crunch.[13] All four of the pure business class airlines were launched over the past couple of years to take advantage of a boom in business-class travel between Europe and the United States. They hoped to take on the established transatlantic carriers such as British Airways and Virgin by offering services tailored to business-class travellers.[25]
Contending the carrier was on the verge of success, CEO Jack Williams says: '''some issues arose that we could not overcome.''' One of those issues, presumably, is skyrocketing fuel prices - prices that are forcing some airlines to go out of business, and others to cut flights.[22] "Some issues arose that prevented the parties from moving forward," it said. The airline immediately began the process of eliminating the positions of most of its employees. "There are times in business when even though you execute your business plan and even though your employees do their jobs beautifully, external forces prevent you from controlling your own destiny," Eos CEO Jack Williams said in a statement.[41] We are flight level profitable and all signs point toward continued success in 2008." Following the airline's demise, he said the company was unable to achieve the funds needed. "Unfortunately, just as we were working toward closing on an investment that would have carried us to corporate profitability in 2009, some issues arose we could not overcome," he said. "There are times in business when even though you execute your business plan and even though your employees do their jobs beautifully, external forces prevent you from controlling your own destiny."[34]
Eos also claimed that it had actually managed to agree the terms of a new loan, but mysteriously suggested that'some issues arose that prevented the parties from moving forward'. Perhaps the planes were out of fuel and they couldn't afford to buy any more? After all, households are classed as suffering from 'fuel poverty' if they're spending 20% of their income on keeping warm - and according to some estimates, airlines are currently forking out around 25% of their costs on fuel.[4] Eos is the second high-frills, all-Business Class airline to leave the New York-London Stansted market.[22] Eos's last flight was due to take off at 6.30pm on Sunday from Stansted to New York JFK on the route the airline has been operating for two years.[7] "Meanwhile, daily return services between Stansted and New York, operated by American Airlines the world's largest carrier, are soon to increase to twice daily - something we see as a big vote of confidence in Stansted."[35]
"In the tough market conditions of today, the high cost of launching, maintaining and growing long-haul services is a challenge for any enterprising airline business, but Stansted is perfectly equipped to support and serve long-haul carriers - as we have already proved. "Growing our route network in this way is exactly what our business and leisure travellers want too and we are out there working hard to secure the place of Stansted as the East of England's international airport of choice.[35] The American carrier'''s flights were suspended on Sunday, leaving hundreds of passengers stranded at Stansted and John F Kennedy airports. Eos occupied the top end of this niche market and flew only 48 passengers on its Boeing 757s, styling itself a budget-first class service.[43]
The competition for trans-atlantic travel for the premium end of the sector has been good for the consumer. EOS also offered a good service bypassing the Heathrow mayhem as these airlines offered quick check in from Stansted.[25] American carrier Eos was an executive-only airline which suffered the sustained high oil prices and the worsening economic environment, which reduced demand for premium air travel.[43]
MAXjet, Aloha Airlines, ATA Airlines, Skybus Airlines and now Eos have filed for bankruptcy and ceased operations.[24] The New York-based business class-only airline says it has filed for Chapter 11 bankruptcy and will cease operations Monday.[37] All flights will be cancelled from today(Monday). It announced that it had filed for a voluntary position under Chapter 11 of the U.S. Bankruptcy Code on Saturday despite successfully negotiating terms for further funding.[17]
Another business-class airline has fallen to earth with a bump - now U.S. company Eos has filed for bankruptcy.[4] Eos, based in Purchase, N.Y., is the latest of several U.S. and foreign airlines that have closed shop because of high jet-fuel costs, difficult credit markets, tough competition, and wavering consumer demand.[44] IPP director Paul Mclean said the collapse of Eos, the 10th failure, showed the impact of the credit crunch and price of oil meant many airlines could not survive without making drastic price rises.[7]
After an aggressive attempt to raise more cash to keep the airline afloat, chief executive, Jack Williams says, it will "cease operations immediately." EOS Goes Bust We wrote about EOS in March when they announced the launch of their Un-Airline Magazine, written almost exclusively by guests.[36] The all-business-class carrier had needed, and was unable to secure, additional capital in "today's extremely challenging economic and credit environment," the carrier's chief executive officer, Jack Williams, said in a statement. The company said it was close to agreeing on an investment that would have enabled its operations to turn profitable in 2009, but "some issues arose that we could not overcome."[44] Chief executive Jack Williams said it would "cease operations entirely". "After overcoming today's extremely challenging economic and credit environment to negotiate terms for a round of financing, it is regrettable that we were forced to take this action," he said.[7]
Chief Executive Officer Jack Williams said in a statement that the "challenging economic and credit environment" forced the company to file a voluntary petition for Chapter 11 bankruptcy.[16]
Jack Williams, Eos' CEO, pointed out that the firm had just negotiated terms for a round of refinancing despite an "extremely challenging economic and credit environment".[26] Clearly, even in today's challenging economic and credit environment, investors believe in Eos.[24]
The grounding of Eos follows the collapse of Maxjet last December and the announcement that Silverjet, which operates from Luton, is seeking a bailout from new investors.[25] 'We are not going bust,' Lawrence Hunt, the founder and chief executive of Silverjet declared today after news that Eos has followed MAXjet, which went bankrupt at Christmas.[45]
The announcement on Saturday evening was made after Eos was unable to complete negotiations over a financing deal to raise more cash. It becomes the second business-class airline to go bust in four months, following rival Maxjet, which collapsed at Christmas.[7] When that move failed, Eos approached rival airlines, including BA and Virgin, to propose a takeover. It found no interest.[25]
EOS didn't have passengers like other airlines - just guests. Their luxury-fitted planes were large enough for 200 people, but only 48 guests were invited on any given flight.[36] We may also choose to operate flights within Europe, from Europe to other Middle East destinations, or from Miami to destinations in South America." Komack revealed that Eos would double the size of its fleet by the first quarter of 2009 in order for the airline to add more destinations and increase frequencies.[3]
Exit Eos - fourth carrier in a month shuts down Your guide to cheap airline tickets & hot airfare deals.[22] Eos joins a number of other carriers to shut down in recent weeks, including Aloha Airlines, Champion Air, ATA Airlines, Skybus Airlines.[2]
An Eos Airlines jet sits on the tarmac at Stanstead Airport in England in this undated photo.[16] Citigroup analyst Andrew Light, said: 'Eos is the sixth scheduled airline bankruptcy since December.[45] Unfortunately, some issues arose that prevented the parties from moving forward. We sincerely apologize to those of you who have travel planned in the days ahead. Eos Guests should seek alternative arrangements for travel and should contact their credit card companies or travel agents directly for information about how to obtain a refund for unused tickets. For our Club 48 members, unfortunately, in the face of this bankruptcy filing, you will no longer be able to redeem your points for rewards.[24] Eos issued a statement saying it was filing for Chapter 11 bankruptcy, which gives companies protection from creditors, and can be used to keep a firm operating.[7] Eos gets into "Chapter 11", the American procedure which permits companies to reorganize under the bankruptcy laws of the United States.[46]
The bankruptcy filing in New York listed $70.2 million in assets and $34.9 million in debts. [5] The filing leaves Silverjet still flying all-premium flights between New York and London, and L'Avion flying the New York-Paris route.[24] Silverjet operates twice-daily service from Newark Liberty Airport in New Jersey to London Luton Airport and daily service from London to Dubai.[5]
Many believed that it was the end for Silverjet when EOS announced flights to Dubai and Newark from London. Luckily for Silverjet this competition from EOS will never take off.[25]
This puts two of the three startup all-business class carriers out of business in the last four months (MaxJet folded in December), leaving Silverjet the only remaining contender. At least they tried to run a few flights after officially shutting down operations.[47] Last December, MAXjet another all-business class carrier flying to the USA from Stansted, ceased operations.[40]
The carrier operated Boeing 757 planes outfitted with just 48 seats that converted to lie-flat beds. Prices, in the range of $2,700 to $3,400 round trip, were much lower than business class on larger competitors. [27] Another UK to USA all-business class airline has ceased flying, leaving just one luxury transatlantic carrier in business.[40] Pls all the international airlines having problems,pls come to India. there is lot of Business waiting to be grabbed.low cost carriers is a good idea.[24] The airline becomes the latest in a number of small carriers that have gone out of business in recent month.[41]
The New York-based airline reconfigured 220-seater Boeing 757s to 48 seats that could extend into fully flat beds. The seats also allowed passengers -- or "guests" as they airline prefered to describe them -- to sit face-to-face to dine or hold business meetings.[41] The boss of Silverjet today rejected speculation that the business class-only airline is on the verge of collapse after the second of its two major rivals folded over the weekend.[45] The move follows the demise of rival Maxjet last December and casts doubts about the future of business class-only airlines.[35]
Last-ditch efforts to raise $50m from one of the group'''s existing investors failed, and the airline said it did not have sufficient cash to continue operations. [20] Last August, the young airline struggled to arrange a fourth round of financing before securing $50 million of additional equity from institutional and private capital, with one unnamed investor, thought to be from Dubai, said to account for 70% of the total.[13] Only few days back, Eos had agreed to a term sheet outlining the terms on which Eos was to secure an additional $50 million in capital from a current investor.[8]
Decision has been necessary after the failure of the stock's increase operations, which had to get USD 50m in the company's cashes within next May, 1st. This announcement is particularly regrettable since the airline has achieved so much, including having a term sheet in hand for additional financing.[46] The privately-held airline, in a news release Sunday, said it had secured additional financing.[41] Grow your post Olympic market share. This conference will bring together developments in Russia and from the international markets to examine how hotels, airlines, tour operators and travel agents can maximise profits in this expanding market using new technologies and methodologies.[8]
Business-only airline Silverjet become embroiled in a furious row with City-based investment bank Daniel Stewart & Co after a report told investors to sell shares "at any price" because the airline was "doomed to fail".[26] Failure to get additional financing from an investor forced the airline to shut down yesterday (Sunday, April 27).[22]
As recently as last week, it insisted that it was "hopeful" of securing the necessary funding. Industry sources said that Eos' bankers contacted major airlines such as Virgin Atlantic and BA in recent weeks in a desperate attempt to drum up an emergency cash injection or a rescue bid. [29] Eos, which ran up to 44 flights a week between the two airports, said it had "insufficient cash to continue operations" after failing to win an investment that would have sustained the firm until 2009.[35] Eos' exit marks the fourth United States carrier to cease passenger flights in April.[22] With 48 fully reclining seats on a plane that could accommodate 220 passengers, Eos offered plush flights.[21]
Passengers flying from Stansted over the weekend on the 48-seater aircraft were contacted personally by Eos so there were no reports of anyone turning up at the terminal and being left stranded, said a BAA spokesman.[35]
Jack Williams, the chief executive of Eos, said: "There are times when even though you execute your business plan, external forces prevent you from controlling your own destiny."[25] In January, Eos President and CEO Jack Williams told Luxury Travel: "After our second successful year more people than ever are choosing to fly with Eos.[34]
Aviation analysts said the sudden collapse of Eos would cast a long shadow over the future of Silverjet. Shares in Silverjet have lost more than 90pc of their value over the last year amid mounting concerns about how much cash it is spending and its ability to withstand a recession.[29] If you were booked on Eos, you're going to need to call your credit card company to explain the situation and dispute the charges. Silverjet is also offering assistance to those stranded on their website, but don't expect any free handouts.[47] Clients who book with Silverjet before midnight on 10 May can pay the price they paid to EOS, subject to seat availability and a minimum price paid.[34] With our unique proposition and very reasonable prices, passengers can look forward to continuing to fly with Silverjet and enjoying the calm and intimate experience that we offer." Silverjet continues to increase its passenger numbers, with a 23 percent growth last month alone.[10]
The smaller carriers face stiff competition from deeper-pocketed large airlines that offer business-class service along similar routes.[14] Qwest Communications International Inc. announced the company's new offer consisting of two fiber-optic Internet services, bringing two connection speed.[1]
The airline was launched two years ago and had hoped to capitalise on the "Open Skies" agreement that opened the lucrative transatlantic routes to new airlines. [26] At the bargain-flight end of the spectrum as many as a half-dozen smaller airlines have collapsed under the weight of sky-rocketing fuel costs. ATA Airlines went chapter 11 earlier this month and holiday island hopper Aloha Airlines collapsed in March.[33] High fuel costs are squeezing airlines' margins. Earlier this month, long-haul operator Oasis announced that it is going into administration, leaving hundreds of passengers stranded in Hong Kong.[6]
MAXJet left passengers stranded on Christmas Eve and raised questions about the viability of smaller transatlantic carriers who are fighting rising fuel costs while trying to win market share from much bigger rivals.[13]
Rising fuel prices, tight credit markets and the slowing economy are wreaking havoc on all U.S. carriers.[15] Last night it emerged that mainstream carrier Continental Airlines had withdrawn from merger talks with United Airlines amid concerns about United's financial health in the face of high oil prices.[25]
New York's popular street food vendors will start charging more to keep up with the rising price of everything.[14] L'Avion, which flies from Paris to New York, is also thought to be struggling.[25]
Travel insolvency insurance provider International Passenger Protection (IPP) warned last week that airlines were facing a 9/11-style slump. [7] The only American airline now operating from Stansted is American Airlines, which in August starts double daily flights to the States.[35]
Servisair LLC, which provides ground services at airports, was listed as the holder of the largest unsecured claim against Eos - $744,000. [37] You have shown a true appreciation for the commitment and service that defines Eos Class and it has always been our pleasure to deliver Eos Class service to you.[24]
In regulatory filings in America, Eos said that it had lost $37 million (''18.6 million) in the first nine months of last year on revenue of $53 million.[8] Eos customers are advised to call Silverjet on 877 FLY SILVERJET (877-359-7458) to book tickets.[38]
SOURCES
1. Eos Airlines Files For Chapter 11 Bankruptcy
2. Eos Airlines files bankruptcy | Reuters
3. ArabianBusiness.com Mobile
4. Eos crash-lands after failing to do the business - Leisure & Tourism - Management Today
5. The Associated Press: All-business-class niche airline Eos folds
6. Eos Airlines declares bankruptcy
7. Eos goes bust - Travel Trade Gazette
8. Eos files for bankruptcy | Eyefortravel
9. Another airline goes bust | Business class Eos Airlines halts flights
10. Silverjet plc :: Silverjet Launches Seat Offer to EOS Passengers
11. Silverjet Launches Seat Offer to EOS Passengers
12. All business class airline Eos folds - FP Posted
13. Last Dawn For Eos Airlines - Forbes.com
14. High fuel prices and credit crunch ground premium airline - International Herald Tribune
15. Eos Airlines to shut down - Today In the Sky - USATODAY.com
16. The Associated Press: N.Y.-based business class airline Eos to cease operations
17. Business airline EOS files for bankruptcy
18. EOS Airlines The Latest Casuality Of Credit Crunch Filing For Bankruptcy
19. Business airline Eos files for bankruptcy - Brand Republic Login - Brand Republic
20. FT.com | Eos Airlines collapses into bankruptcy
21. Airlines: Bye-bye, Eos - This Just In - Budget Travel
22. Exit Eos - fourth carrier in a month shuts down
23. Silverjet Offer Special Offer For EOS Passengers - Compare Airport Parking
24. AIRLINE BIZ Blog | The Dallas Morning News
25. Eos bankruptcy filing signals end to cheap executive travel - Times Online
26. Director of Finance Online - Eos Airlines files for Chapter 11
27. Eos is Fourth U.S. Airline To Shut Down This Month - WSJ.com
28. Silverjet steps in for Eos flyers
29. Eos Airlines files for bankruptcy - Telegraph
30. BBC NEWS | Business | US business airline Eos goes bust
31. Eos Airline Files For Bankruptcy - Compare Airport Parking
32. Eos: Another airline goes under - BloggingStocks
33. DealZone » Blog Archive » Uncrowded. Uncompromising. Unairline. | Blogs | Reuters.com
34. Silverjet offer for Eos customers | Luxury Travel Magazine
35. Stansted airline goes bust - Hertfordshire Mercury
36. EOS Airlines Goes Belly Up | GoGirlfriend
37. All-business-class niche airline Eos folds
38. Silverjet seat deal for Eos passengers
39. News 10 Now | 24 Hour Local News | ALL NEWS | Eos Airlines files for bankruptcy
40. The Press Association: UK to US airline ceases trading
41. Business class airline Eos bankrupt - CNN.com
42. RTTNews - Quick facts Articles, Positive EPS Surprises, News Analysis, Earnings, Audio News.
43. Premium airline sees tarmac looming
44. UPDATE: Eos Airlines, All-business Carrier, Will Close Operations
45. Silverjet shrugs off failure of Eos | This is Money
46. Avionews
47. Eos Airlines files for bankruptcy - Gadling
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