AirwaySim
Online Airline Management Simulation
Login
Username
Password
 
or login using:
 
My Account
Username:
E-mail:
Edit account
» Achievements
» Logout
Game Credits
Credit balance: 0 Cr
Buy credits
» Credit history
» Credits FAQ

Author Topic: JetEasy - press release on financial state of the airline  (Read 177 times)

Offline tomnieuw

  • Members
  • Posts: 288

The 3 people who like this post:
JetEasy - press release on financial state of the airline
« on: April 19, 2019, 09:40:10 PM »
Boston, MA - September 4, 1961

During an emergency employee press conference at the JetEasy headquarters at Boston Logan Airport, Tomnieuw - CEO and President of the JetEasy Airline Group - addressed all 500 employees and shareholders regarding the financial state of the airline. Following one of the airlines' aircraft being detained at Mexico City for non-payment of handling fees, local newspapers had reported that the airline is strapped for cash, and that a bankruptcy is inevitable.

"We are very grateful for the hard work everybody has put into the launch of our airline, and recognize that the past couple of weeks have not been easy. Despite the progress we've made and the successes we are seeing every day, one of our main investors informed us on Saturday that they are no longer willing to fund our company. This unexpected announcement has left us virtually without cash reserves and we are at this moment not able to invest or expand as originally planned. One of our aircraft got temporarily detained at Mexico City over the weekend, resulting in a handful of canceled flights. Thankfully, we have been able to resolve this situation, and the aircraft has now returned to service.
The delivery of more aircraft, additional staff and new destinations have been halted immediately, and we are working on a recovery plan to ensure we maintain a healthy cash balance to operate our fleet. Thanks to our long standing relationship with Bank of America, we have secured sufficient funding to allow us to continue to operate our system for the next 4 to 5 days without interruption. During this time, it is our focus to continue to serve our passengers and to improve our financial situation immediately. As a result, the following measures will be introduced with immediate effect:
- Salary freeze for all employees. CEO has agreed to not collect salary until the company returns to profitability.
- Hiring freeze - no new employees will join the company
- Approximately 1% of our workforce will be laid off
- Airfare restructure to increase revenue
- Cargo rate restructure to significantly increase revenue
- Future fleet expansion on hold
- Cancellation of fuel hedging negotiation
- Cash payment for ground handling and fuel services until our credit score improves

We thank all of our employees for their continued loyalty and support during these trying times. Our future looks bright, and once the storm clouds have lifted, we will be able to share a more bright outlook with you. Please continue to support our teams, and serve our customers so that they continue to return.
Should you have any questions, then please contact your supervisor.


 

WARNING! This website is not compatible with the old version of Internet Explorer you are using.

If you are using the latest version please turn OFF the compatibility mode.