p17 NEW! sep19 / PDF PROBLEM??! 17/9/08 10:09 Page 17
ttglive.com
city & finance news
Zoom Airlines blames
“This section of the industry should be brought
under a regulator who is qualified to look at
airlines and say if they are properly funded.
“Independent companies’ views will inevitably
insurer for its collapse
be based on a level of conjecture, opinion and
jungle drums,” said Hinkles.
However, Paul McLean, director of interna-
tional risks at IPP, responded: “How sad Hinkles
has to blame everyone but himself for the
failure of Zoom.”
Chris Gray.
He said the result of IPP telling agents it was McLean said concerns prompted a review of
A BITTER row has broken out between failed stopping offering Safi was that trade sales, which the airline’s finances and IPP “found all the
carrier Zoom Airlines’ former UK boss and represented 10% of turnover, evaporated and marks of an airline in difficulty”.
insurer IPP, whose actions, it was claimed, Zoom had less time to secure a refinancing deal. He also claimed Zoom management refused to
undermined attempts to save the airline. Zoom ceased operations on August 28 when a provide accounts for April 2008.
Jonathan Hinkles, the airline’s managing creditor impounded an aircraft in Canada. “Refusing to give such information to us is
director, claimed the decision to withdraw its Hinkles believes if Zoom’s trade revenue had clearly a signal that the airline is in difficulty.
Schedule Airline Failure Insurance (Safi) in June held up, it could have bought the carrier time to This proved to be true,” he added.
wiped out £7m in bookings and ended any continue trading.
chance of a ¤35m refinancing deal. He is now calling for Safi to come under the ■ Full interview with Hinkles in next week’s TTG
But IPP has hit back saying it had to act amid control of the CAA.
evidence that the airline, which continued to
take bookings despite being in financial trouble,
was on the verge of collapse.
Hinkles said the impact of IPP’s
move was one of three reasons
behind Zoom’s collapse, along
with fuel prices and cashflow problems.
Page 1  |  Page 2  |  Page 3  |  Page 4  |  Page 5  |  Page 6  |  Page 7  |  Page 8  |  Page 9  |  Page 10  |  Page 11  |  Page 12  |  Page 13  |  Page 14  |  Page 15  |  Page 16  |  Page 17  |  Page 18  |  Page 19  |  Page 20  |  Page 21  |  Page 22  |  Page 23  |  Page 24  |  Page 25  |  Page 26  |  Page 27  |  Page 28  |  Page 29  |  Page 30  |  Page 31  |  Page 32  |  Page 33  |  Page 34  |  Page 35  |  Page 36  |  Page 37  |  Page 38  |  Page 39  |  Page 40  |  Page 41  |  Page 42  |  Page 43  |  Page 44  |  Page 45  |  Page 46  |  Page 47  |  Page 48  |  Page 49  |  Page 50  |  Page 51  |  Page 52  |  Page 53  |  Page 54  |  Page 55  |  Page 56  |  Page 57  |  Page 58  |  Page 59  |  Page 60  |  Page 61  |  Page 62  |  Page 63  |  Page 64  |  Page 65  |  Page 66  |  Page 67  |  Page 68  |  Page 69  |  Page 70  |  Page 71  |  Page 72  |  Page 73  |  Page 74  |  Page 75  |  Page 76  |  Page 77  |  Page 78  |  Page 79  |  Page 80  |  Page 81  |  Page 82  |  Page 83  |  Page 84  |  Page 85  |  Page 86  |  Page 87  |  Page 88  |  Page 89  |  Page 90  |  Page 91  |  Page 92  |  Page 93  |  Page 94  |  Page 95  |  Page 96  |  Page 97  |  Page 98  |  Page 99  |  Page 100  |  Page 101  |  Page 102  |  Page 103  |  Page 104