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Aviation History
1982
1982 - 0344.PDF
W rid news Laker cash flow fails to impress creditors AS SOON as Laker Airways' January results came in, its creditors decided the airline could no longer be sal vaged and they appointed receivers to take control of the business and its assets. Sir Freddie Laker approved the move, and thanked all those who had tried to help put his airline back on its feet. Laker's European creditors tell Flight that the carrier did not have sufficient reserves to weather a reces sion comfortably—it was running on cash-flow alone. Attempts over the last six months to find a way to help Laker pay back its debts depended on the maintenance of a healthy cash flow. January's results apparently proved there was no real prospect of this, so in came the receivers. It is a tough market now, say the bankers, with too much airline capa city where Laker operates. And there is nothing special about Laker any more—other airlines offer the same fares. The difference, say the finan ciers, is that Laker had no reserves, and no government support like British Airways (whose loan guaran tee limits have been increased twice in the last year by the UK Govern ment). State help for Laker was con fined to use of Bank of England in fluence with the airline's creditors; that was not enough. The appointed receivers are Bill Mackay and Nigel Hamilton of accountants Ernst & Whinney. Their first job is to try to get all Laker aircraft back to London's Gatwick Airport, and if possible all Laker pas sengers. These include people who are not covered against losing their airline seat in such a situation. The "un-covered" passengers include those with Skytrain scheduled tickets, and those who did not take up the in surance offer printed on their Laker inclusive-tour contract. Those who booked through registered travel agents are protected by a fund set up for this kind of eventuality. Osiers who find themselves stranded abroad will have to go to their Con sulates. The receivers' ultimate task is to see what parts of the Laker organi sation, if any, can be saved on behalf of creditors. The banks talk of Laker's "continuous and mounting cash flow problems"; and if they, as the airline's effective new managers, cannot see a way to improve cash flow, a liquidator will be called in to divide the remains among the credi tors. It is doubtful if they will be able to save the whole airline; if 330 there had been a way it would have been found during the last six months of negotiations between Sir Freddie Laker and the bankers. As receivership was announced on February 5, Laker management can celled all flights for the day while awaiting receiver's instructions. It is up to the receivers whether any Laker flights operate again. • Air-India has decided to cancel its purchase of three Lockheed TriStar 500s and to order three Airbus A300B4s, according to reports. The Indian flag-carrier is said to be dropping the TriStar order because of Lockheed's decision to end produc tion of the type in 1984. The TriStars were to have replaced Boeing 707s on Air-India's lighter international routes. The airline may use the A300s mainly for services to the Persian Gulf, or it could operate them on flights to Europe and South east Asia. Air-India is said to be hoping to take delivery of the three A300s by early 1983. This may indi cate that it is picking up early delivery positions from a cancelled order. Airbus Industrie studies A310-300 AIRBUS INDUSTRIE expects to go ahead with a long-range version of its A310 this year, reports David Velu- pillai from Toulouse. Called A310-300, the aircraft would be the same size as the A310-2200, but also 10 tons heavier and able to carry a full pas senger load 3,500 n.m. (see table). First deliveries of the A310-300 would be in the second quarter of 1986. Airbus Industrie plans to achieve the extra range by e.g. management, and by adding about 5 tons of fuel in the tailplane. Fuel transfer be tween wing and tailplane would keep aircraft e.g. close to the rear limit throughout flight. This reduces tail- plane downforce, and hence overall drag. The result is an optimised lift/ drag ratio, worth a 5-10 per cent fuel saving, according to Airbus Industrie. 1 * Full passenger load of MTOW (tons) 1299 136-4 146-6 perhaps. Range* (n.m.) Ill 237 people Gould wins US altimeter contract GOULD has won the US Air Force Combined Altitude Radar Altimeter (Cara) production contract, worth $70 million with options. The altimeter will be retrofitted in 12 aircraft types, in the US Navy and the USAF, and will equip new F-16s. Gould expects to export the new unit. Cara combines high- and low- altitude measurement in one radar altimeter, unlike conventional radar devices which work only at low level —up to about 2,000ft. Gould says that Cara uses large-scale integrated cir cuits, and is resistant to jamming and nuclear blast. FLIGHT International, 13 February 1982
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