p39-41 air sep26 23/9/08 15:51 Page 41
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to be and therefore what pricing would be.
“The general slow-
“Pricing normally works on historical data of
trends from the year before but all historical down, and customers
data has gone out of the window in terms of what
booking later, made
was happening in the market.
“On the leisure side, bookings were being it more difficult to
made three to six weeks ahead rather than three
predict what demand
to six months. People were waiting later and
later; your average passenger wants to be sure was going to be”
their own job is secure so they are sure they can
pay for whatever holiday arrangements they
are making.” to Zoom’s collapse is intensified because the
Hinkles believes Zoom could have continued airline was performing well in punctuality and
if it had had time to complete a $35 million customer satisfaction ratings.
refinancing package before one leasing company, “We were focused on getting this refinancing
AerCap, impounded the aircraft it had leased to deal to happen, which it was. These things are a
Zoom in Canada. timing issue and the leasing company was happy
He says the action caused panic among with what we did,” he says.
other creditors, who began wanting immediate “We were achieving 75% to 80% flights on
payment of debts that normally would be on time. Which?’s airline report put us 11th out of
30-day payment terms. 42 long-haul airlines, ahead of BA, Virgin and
Five of its seven aircraft were leased from Air Canada. We were just behind Singapore
another company, ILFC, which was “hugely Airlines, Thai Airways and Qatar Airways who all
supportive”, but the actions of other creditors have pretty stellar reputations.
made it impossible to continue, even though the “We tried to ensure the team remained
first payment of the refinancing package was focused on the customers right up to the end.
coming through. Even at that late stage staff were still doing their
Air Force Base, Alabama, awaiting new owners Hinkles’ frustration with the events that led up damnedest for passengers.”
. .
Corfu Dalaman Heraklion
. .
Hurghada Kalamata Kefalonia
. .
Kos Lanzarote Paphos
.
Sharm El Sheikh Zante
Just call 08717374155
or visit
www.kissflights.com/agents
to open an account. PassionateaboutAgents
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