p10-11 wyatt dec12 10/12/08 20:53 Page 11
ttglive.com
Phil Wyatt exclusive interview news
aks silence
Timeline to collapse: XL’s final weeks
.JUNE 10.
Peter Owen resigns as XL Leisure Group
chairman, nine hours before he was due to
address the ITT conference
.JUNE 12.
XL Leisure Group posts a £24m operating loss
for the year to October 2007 — TTG exclusive
.AUGUST 7.
Owen is declared personally bankrupt days
before he resigns — TTG exclusive
.AUGUST 28.
XL scraps its entire Caribbean programme, amid
rumours of a refinancing deal. It says the oil price has
made it unprofitable — TTG exclusive
.SEPTEMBER 4.
XL confirms refinancing talks after reports that Barclays
had pulled financing related to fuel hedging.
.SEP 11 – 11.30pm.
TTG reports that XL is about to go bankrupt the next day
concept”, would have seen XL and other strug-
gling charter airlines and operators merge.
“It was a solid plan that would have created
one business of huge strength,” said Wyatt.
“But the meeting broke down on August 14
mainly because the banks couldn’t come to
an agreement on how the debt would be
financed,” he revealed.
Wyatt was then given assurances from
“By August, I’d
Straumur that they were going to back XL.
“They didn’t want to do the Phoenix Wings
lost my £36m
deal, but said they would back XL as a business.
shareholding
“So although I went back to Crete very upset
[that he’d lost his £36 million shareholding],
but at least the
the sobering thought was that at least the
business was
business was secure – or so I thought.”
Unbeknown to Wyatt, while he was in Crete,
secure – or so
events would take a dramatic turn for the worse.
I thought”
Phil Wyatt
NEXT WEEK
WYATT CONCLUDES HIS
DRAMATIC ACCOUNT, AND
DENIES HE IS BEHIND KISS
es
FLIGHTS – ONLY IN TTG eatur
R
e
x
F
12.12.2008 11
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