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SkyEurope

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1165: 1154: 506:". The company failed to publish audited results for financial year 2008 on 30 January 2009, management stated it expected the statements to be published by 17 February 2009 at the latest. On 17 February, SkyEurope announced further postponement, its management expected the audited results to be published by 15 March. On 15 March, SkyEurope announced a third postponement, its management expected the audited results for FY 2008 to be published by 15 April. 2320: 2344: 2276: 2332: 513:
Before the IPO, the largest shareholders were East Capital funds (16.72), EBRD (16.03), Christian Mandl (8.53), Peter Struhár (8.31), Alain Skowronek (8.19), DWS funds (7.79), GLG funds (7.17), Griffin funds (7.04), Euroventures Danube (6.68) and Foundation (6.39). Other investors held the remaining
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In June 2009, in an effort to avoid bankruptcy, SkyEurope announced a restructuring of the company and received bankruptcy protection from the Slovak courts (valid in the whole European Union). However, this failed and on 1 September 2009, the airline went into bankruptcy. In March 2010 liabilities
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funds. Although some criticized the decision to base an airline in Bratislava, Mandl saw the effect that the low-cost carriers were having in Western Europe and envisioned it going a step further with a low-cost carrier in a low cost country. Mandl and Skowronek were aware of the catchment area of
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also accepted people holding SkyEurope tickets on their flights for a discounted price. Malév was offering one-way travel options to a total of 12 cities for all those who held a SkyEurope air ticket and were unable to board their flight because of the bankruptcy proceedings launched against the
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stock exchanges was the first by a central European low-cost carrier and the first by any Slovak company. In the following weeks, share price decreased to 5 EUR/share. On 10 November 2005, investment bank CA-IB, member of HVB Group, issued a buy recommendation with target price 6.5 EUR. The bank
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and/or require immediate redelivery of the aircraft. On 24 November 2008, SkyEurope received a default notice from GECAS, as a result of late lease payments. On 9 January 2009, GECAS terminated the lease of six aircraft and ordered SkyEurope to immediately return the 737s. On that day, several
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SkyEurope was established in November 2001 and started operations on 13 February 2002 (domestic flight Bratislava-Kosice operated with 30 seat turboprop Embraer 120 ER Brasília). It was founded by Alain Skowronek (Chairman) and Christian Mandl (Chief Executive) and financed by
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The company's last CEO (acting) was Nick Manoudakis, who replaced Jason Bitter. Members of the Supervisory board were its Chairman Iordanis Karatzas (since 1 October 2006), Jeremy Blank (since 1 October 2006), Christophe Aurand (since 1 October 2006, works as CEO of
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On 22 June 2009, the airline announced it had been granted creditor protection while it restructured its debts. However, this did not protect the airline from announcing bankruptcy on 31 August 2009 and cancelling all flights immediately.
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Boeing 737-500 aircraft (on dry-lease from Avia Asset Management), two ex-United Boeing 737-300 and two Air Slovakia Boeing 737-300 (both on dry-lease). SkyEurope also used other airlines for its flights, mainly
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In April 2007, SkyEurope purchased an additional five jets. SkyEurope had an option to order six more jets at the price set in a 2005 deal with Boeing to buy as many as 32 planes by 2011.
2664: 385:(Stansted). Flights were bookable until 20 September 2009 and certain flights till 17 December 2009. All flights were sold at a price of €25, one way, taxes and charges included. 1676: 2369: 186:. The carrier filed for bankruptcy on 31 August 2009 and suspended all flights on 1 September 2009. The airline operated short-haul scheduled and charter passenger services. 2012: 2150: 1310: 2674: 205: 1971:
29 845 282 at the end of September 2008, SKK 49 651 856 at the end of December 2008, €2,355,595.94 at the end of March 2009 and €3,135,316.94 at the end of June 2009
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In 2006, SkyEurope announced it would cut ticket prices to minus 10 koruna, claiming to become the first airline that pays people for flying with it. The advertised
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aircraft due to financial problems. On 23 June 2009, SkyEurope went into administration having been granted protection from its creditors by the district court in
2482: 1288:." SkyEurope. 22 August 2006. Retrieved on 3 March 2010. "HEADQUARTERS SkyEurope Airlines, a. s." and "Ivanská cesta 26 P.O.Box 24 820 01 Bratislava 21 Slovakia" 491:
of its employees. The overdue debt gradually increased to €3.1 million at the end of June 2009. At 31 March, SkyEurope was in technical default on its loan from
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worth US$ 220 million. The order includes purchase rights for up to 16 additional airplanes. This order followed SkyEurope's order with leasing company
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level of 6 euro per share to a mere 20 cents per share at the end of January 2009. On 30 September 2008, SkyEurope had overdue debt one million EUR on
1690: 2654: 1770:"EANS-Adhoc: SkyEurope Holding AG announces the further extension of York loans, postponement of the publication of its annual financial statements" 350:
instead. SkyEurope filed opening of bankruptcy proceedings on 31 August 2009. All flights were suspended with immediate effect on 1 September 2009.
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of twelve Boeing 737 aircraft. At 30 September 2008, the Company failed to comply with stipulated financial covenants, such as liquidity and
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did not include fees charged to the passenger. 2007 marked a year of growth and change for SkyEurope. The airline opened a base at
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thresholds. As a result, an event of default would allow lessors to terminate the leases with immediate effect and either claim
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SkyEurope flights were delayed up to seven hours. Three additional aircraft were returned to the lessor on 5 January 2009.
2468: 1825:"SkyEurope Holding AG: Suspension of all flights, Filing for Opening of Bankruptcy Proceedings of SkyEurope Airlines a.s." 1649: 2310: 2246: 1960: 1852: 527:), Hans Källenius (re-elected 30 March 2007, represents minority shareholders) and Josef In-Albon (since 30 March 2007). 323:
The loss-making airline was seeking a new ownership structure with additional capital. The airline owed €25 million as a
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in March 2007, placing two new 737-700s operating sixteen routes. In October 2007, SkyEurope closed its hubs in
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creating the CD Sky alliance whereby SkyEurope tickets would be sold for a fixed price at railway stations in
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were estimated up to 180 million Euro and assets less than 6 million Euro (including 0,5 million of cash).
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The SkyEurope fleet consisted of the following aircraft at that time of closure (as of 1 September 2009):
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On 27 September 2005, the airline went public on the Vienna and Warsaw stock exchanges. The
171: 2613: 2407: 2348: 2324: 2079: 2032: 1964: 1934: 1198: 502:, "material uncertainties exist regarding the ability of SkyEurope Holding to continue as 480: 2068: 1888: 1158: 278: 271: 213: 2638: 2505: 1968: 503: 57: 52: 47: 2578: 2573: 1239: 1223: 1097: 439: 1902: 1838: 2583: 324: 2124:"Boeing and SkyEurope Airlines Finalize Contract for Four Next-Generation 737s" 320:
reported the airline cancelled hundreds of already booked flights from Prague.
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and Budapest, thus reallocating its aircraft to the hubs in Prague and Vienna.
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SkyEurope Holding AG further postpones release of annual financial statements
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Delay of publication of SkyEurope Holding AG´s annual financial statements
1456:, CA-IB initial coverage, 10 November 2005, published on SkyEurope website 2608: 2449: 2424: 455: 411: 391: 370: 362: 305: 209: 2174:
Preliminary results for FY 2008, page 19, pdf available on skyeurope.com
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Preliminary results for FY 2008, page 18, pdf available on skyeurope.com
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announced on 1 September 2009 that they had launched rescue fares from
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of four countries (Austria, Hungary, the Czech Republic and Slovakia).
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Report of the First Half (H1) of FY 2009, available on skyeurope.com
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with liabilities two times higher than assets. Shares fell from its
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SkyEurope obmění svoji flotilu, část letů ruší kvůli malé poptávce
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The company never made a profit. At the end of March 2009, it had
431: 423: 331: 1577:"SkyEurope to Close Bases at Krakow and Budapest from 28 October" 1242:
programme, SkyEurope Delights; in that programme, food was sold.
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SkyEurope operated 44 routes to 30 destinations in 17 countries.
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At the end of FY 2008, SkyEurope had agreements with GECAS and
1311:"UPDATE 1-Slovak-based airline SkyEurope files for bankruptcy" 2099:
Passenger Traffic reports, published monthly on skyeurope.com
1341:"SkyEurope je mŕtvy, jeho klienti sú odkázaní na konkurenciu" 1915: 1520:"Slovakia's SkyEurope Airlines to Fly from Vienna Next Year" 19:
For the pay television company that operates in Europe, see
2151:"Slovak Budget Airline SkyEurope Orders 5 More Boeing Jets" 1691:"CK Fischer a Senator Travel končí spolupráci se SkyEurope" 342:. On 11 August 2009, SkyEurope was not allowed to fly into 327:
to hedge fund York Global Finance II, due on 15 July 2009.
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with the airport being located within a one-hour drive of
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Low-cost SkyEurope's air fleet shrinks by two-thirds: CEO
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also announced rescue flights for passengers stranded at
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Nick Manoudakis (acting CEO) & Jason Bitter (ex-CEO)
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offered some rescue flights for passengers stranded in
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company. The one-way air tickets were priced from €49.
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claims to have carried 5.8 million passengers in 2008.
159: 1607:"Czech Railways to Sell SkyEurope Tickets at Stations" 1328:
Low-fare airline SkyEurope granted creditor protection
1261:"SkyEurope scrabbles to replace repossessed 737 fleet" 2308: 1918:(SkyEurope is traded on "standard market continuous") 2185:
SkyEurope přišly o deset letadel, lety mají zpoždění
2110:"CH-Aviation – Airline News, Fleet Lists & More" 1745:"SkyEurope seeks €30m to keep it flying this winter" 1467:"SkyEurope Says it Will Pay People to Fly With Them" 1179:
finalized the order for four Boeing Next-Generation
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due to unpaid landing fees. Flights were handled at
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SkyEurope letos plánují pořízení tří nových letadel
536:Selected financial results of SkyEurope Holding AG 292:In 2008, SkyEurope entered into a partnership with 182:(BTS) in Bratislava, Slovakia, and another base in 155: 147: 136: 128: 120: 102: 94: 86: 78: 1785:"GECAS terminates lease on six SkyEurope aircraft" 353:Due to passengers being stranded, Irish airline 1841:. 1 September 2009 – via news.bbc.co.uk. 2665:Companies listed on the Warsaw Stock Exchange 2476: 2370: 2010:Centre for Asia Pacific Aviation – Peanuts!, 1718:"Luftfahrt: SkyEurope ringt um frisches Geld" 8: 2262:." SkyEurope. Retrieved on 1 September 2009. 1547:"Discount carrier SkyEurope Lands in Prague" 1300:. Supernavigator.sk. Retrieved on 4 May 2010 28: 1903:"Oferte speciale - Blue Air – Smart Flying" 2483: 2469: 2461: 2377: 2363: 2355: 1638:reports published monthly on skyeurope.com 27: 1354:Condon, Christopher (9 September 2002). 1062: 870: 771: 534: 270:, a term often used during the previous 2675:Slovakian companies established in 2001 2315: 1743:Osborne, Alistair (23 September 2008). 1650:"Wizz Air aims to double fleet by 2011" 1545:Marečková, Martina (20 February 2006). 1251: 2670:European Low Fares Airline Association 2386:European Low Fares Airline Association 2126:. Boeing. 19 June 2005. Archived from 1407:Anderson, Robert (15 September 2005). 872:Monthly passenger traffic (thousands) 1928:Ragáčová, Katarína (9 January 2009). 1889:"Wizz Air – SkyEurope Rescue flights" 253:, valuing the company at 120 million 7: 1853:"Ryanair – SkyEurope Rescue flights" 1839:"Airline losses 'hit $ 1bn a month'" 1689:Czech Press Agency (19 March 2009). 1648:Mueller, Robert (19 February 2009). 1259:Moores, Victoria (28 January 2009). 1187:for 12 Boeing Next-Generation 737s. 274:, would "provide competitive edge". 2247:SkyEurope sales down, reports paper 1783:Moores, Victoria (9 January 2009). 1496:Vopěnková, Adéla (7 January 2008). 330:On 8 January 2009, leasing company 2660:Defunct European low-cost airlines 2217:SkyEurope má už len štyri lietadlá 2048:"SkyEurope debt: 180 million Euro" 1583:. 3 September 2007. Archived from 16:Bankrupt European low-cost airline 14: 1716:Schneid, Hedi (1 December 2008). 1613:. 24 January 2008. Archived from 1498:"SkyEurope: Waiting in the wings" 1473:. 29 October 2006. Archived from 1454:Low-cost carrier conquers CEE sky 1452:Thomas Paul, Marcin Jabłczyński, 1213:The airline operated four Boeing 2537:Slovak Government Flying Service 2342: 2330: 2318: 2304:SkyEurope fleet at airframes.org 2274: 1827:Wiener Börse AG. 31 August 2009. 1356:"SkyEurope: A Slovak Air Attack" 847:Load factor (RPK/ASK in %) 334:ordered SkyEurope to return six 34: 2655:Airlines disestablished in 2009 500:Preliminary results for FY 2008 2149:Carney, Sean (12 April 2007). 1930:"Sky Europe prišla o lietadlá" 1: 2249:, spectator.sk, 18 March 2009 2191:, 10 January 2009, front page 1811:"SkyEurope in administration" 1409:"SkyEurope Set For €100m IPO" 824:Revenues per passenger (EUR) 2650:Airlines established in 2001 2645:Defunct airlines of Slovakia 2403:International Airlines Group 1809:Done, Kevin (23 June 2009). 1524:International Herald Tribune 1126: 1123: 1111: 1108: 1092: 1089: 344:Vienna International Airport 283:Vienna International Airport 115:Vienna International Airport 1029: 1026: 1023: 1020: 1017: 1014: 1011: 1008: 1005: 1002: 988: 985: 982: 979: 976: 973: 970: 967: 964: 961: 953: 950: 947: 944: 941: 938: 935: 932: 929: 926: 923: 920: 864: 861: 858: 855: 852: 849: 841: 838: 835: 832: 829: 826: 818: 815: 812: 809: 806: 803: 765: 762: 759: 756: 753: 750: 742: 739: 736: 733: 730: 727: 719: 716: 713: 710: 707: 704: 696: 693: 690: 687: 684: 681: 673: 670: 667: 664: 661: 658: 650: 647: 644: 641: 638: 635: 627: 624: 621: 618: 615: 612: 604: 601: 598: 595: 592: 589: 581: 578: 575: 572: 569: 566: 2691: 2200:Czech Press Agency (ČTK), 1958:Overdue insurance payments 1195:Dubai Aerospace Enterprise 18: 2393: 1679:, MF DNES 28 January 2009 466:. The extra fee was €60. 56: 51: 46: 42: 33: 2298:Runway inflight magazine 2031:7 September 2009 at the 1963:7 September 2009 at the 610:Operating profit (EBIT) 387:Malév Hungarian Airlines 178:, with its main base at 2078:20 October 2008 at the 1228:Travel Service Airlines 801:Passengers (thousands) 247:initial public offering 2553:Air – Transport Europe 1434:Move Over, First Mover 1386:"SkyEurope Holding AG" 1175:In 2005 SkyEurope and 1172: 1161: 748:Market capitalisation 498:According to released 2283:at Wikimedia Commons 1916:Vienna Stock Exchange 1551:Czech Business Weekly 1502:Czech Business Weekly 1167: 1156: 725:Cash and equivalents 633:Net profit after tax 268:first-mover advantage 2492:Airlines of Slovakia 2229:Agence France-Presse 2215:Hospodárske noviny, 2073:SkyEurope Holding AG 1956:Sociálna poisťovňa, 1877:on 7 September 2009. 1611:Prague Daily Monitor 1432:Tiffany Ya-de Wong, 773:Selected indicators 316:On 29 January 2009, 160:https://skyeurope.es 87:Commenced operations 2521:Smartwings Slovakia 2235:, 14 January 2009, 2204:, 14 January 2009, 2130:on 30 December 2007 2050:(in Slovak). SME.sk 1508:on 31 October 2008. 1477:on 22 February 2008 1438:Stanford University 1339:a.s., Petit Press. 1067: 873: 774: 587:Operating expenses 564:Operating revenues 537: 446:(Treviso) and from 30: 2619:Slovakian Airlines 2260:SkyEurope Delights 2090:Annual Report 2007 2016:, 19 February 2009 1617:on 29 January 2008 1587:on 8 December 2008 1526:. 19 December 2006 1234:In-flight services 1173: 1162: 1063: 871: 772: 535: 348:Bratislava Airport 219:Bratislava Airport 180:Bratislava Airport 168:SkyEurope Airlines 107:Bratislava Airport 2632: 2631: 2458: 2457: 2279:Media related to 2219:, 26 January 2009 2189:Mladá fronta DNES 2001:, 30 January 2009 1636:Passenger Traffic 1366:on 1 October 2002 1317:. 31 August 2009. 1217:aircraft, two ex- 1149:Fleet development 1146: 1145: 1040: 1039: 869: 868: 770: 769: 470:Corporate affairs 257:. The IPO on the 174:headquartered in 165: 164: 95:Ceased operations 74: 73: 2682: 2569:Air Cargo Global 2485: 2478: 2471: 2462: 2379: 2372: 2365: 2356: 2347: 2346: 2345: 2335: 2334: 2333: 2323: 2322: 2321: 2314: 2300:(at Archive.org) 2294:(at Archive.org) 2293: 2292: 2290:Official website 2278: 2263: 2256: 2250: 2244: 2238: 2226: 2220: 2213: 2207: 2198: 2192: 2181: 2175: 2172: 2166: 2165: 2163: 2161: 2146: 2140: 2139: 2137: 2135: 2120: 2114: 2113: 2106: 2100: 2097: 2091: 2088: 2082: 2066: 2060: 2059: 2057: 2055: 2044: 2038: 2037: 2023: 2017: 2008: 2002: 1996: 1990: 1987: 1981: 1978: 1972: 1954: 1948: 1947: 1945: 1943: 1925: 1919: 1913: 1907: 1906: 1899: 1893: 1892: 1885: 1879: 1878: 1873:. 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Index

Sky Group

IATA
ICAO
Callsign
Bratislava Airport
Ruzyně Airport
Vienna International Airport
Bratislava
https://skyeurope.es
low-cost airline
Bratislava
Bratislava Airport
Prague
EBRD
ABN AMRO
EU
Bratislava Airport
Vienna
Brno
Győr
catchment area
initial public offering
EUR
euro
Vienna
Warsaw
first-mover advantage
dot-com bubble
negative price

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