{"id":21151,"date":"2013-08-09T13:13:45","date_gmt":"2013-08-09T17:13:45","guid":{"rendered":"http:\/\/utu.org\/?p=21151"},"modified":"2013-08-09T13:13:45","modified_gmt":"2013-08-09T17:13:45","slug":"avantair-announces-plan-to-resume-operations","status":"publish","type":"post","link":"https:\/\/www.smart-union.org\/avantair-announces-plan-to-resume-operations\/","title":{"rendered":"Avantair announces plan to resume operations","gt_translate_keys":[{"key":"rendered","format":"text"}]},"content":{"rendered":"<p>Troubled airline Avantair, expects to resume flights in early August, pending new financing. On Wednesday, July 17, the airline announced it&#8217;s &#8220;go-forward&#8221; plan for continuing operations. The go-forward plan included a change in name to &#8220;NewCo.&#8221;<\/p>\n<p><img decoding=\"async\" class=\"alignleft size-medium wp-image-21155\" style=\"border: 1px solid black;margin: 1px 12px\" alt=\"Avantair airplane\" src=\"https:\/\/www.smart-union.org\/wp-content\/uploads\/2013\/07\/Avantair-airplane-300x180.jpg\" width=\"300\" height=\"180\" \/>The plan states that all current debt will be wiped out going forward, but does not state how that will be done. NewCo also plans to downsize employees to a &#8220;core group&#8221; and will get rid of over half of their current fleet of 56 airplanes and resume operation with just 25 planes.<\/p>\n<p>NewCo hopes to retain at least 300 of their current 620 shareholders to remain operational. Those who intend to stay will be required to pay a one-time fee of $25,000 that will be deposited into a &#8220;catch-up maintenance fund&#8221; which will be used to fund necessary repairs that will make the fleet airworthy. Shareholders will also be expected to pay 40 percent more a month in management fees for a total of $15,846.<\/p>\n<p>For the &#8220;go-forward&#8221; plan to work, Avantair needs to garner $4.5 million in funding to finance their restructuring process and permit NewCo to have working capital.<\/p>\n<p>Piaggio Aero, the manufacturer of Avantair aircrafts, has pledged to provide a $1 million investment and another $1 million in credit facility parts.<\/p>\n<p>Before furloughs, Avantair employed 500 people and operated out of St. Pere-Clearwater International Airport in Clearwater, Fla. Upon furloughing employees, the company owed its employees wages from June 8 until June 26. It is unclear as to whether those wages were ever paid to employees. Avantair dropped employee healthcare, dental and vision plans for the workforce effective July 1.<\/p>\n<p>Avantair pilots voted for SMART representation in February of this year, just a few months before Avantair shut down operations. The new local did not yet have an agreed-upon contract in effect when Avantair furloughed all employees June 26.<\/p>\n","protected":false,"gt_translate_keys":[{"key":"rendered","format":"html"}]},"excerpt":{"rendered":"<p>Troubled airline Avantair, expects to resume flights in early August, pending new financing. On Wednesday, July 17, the airline announced it&#8217;s &#8220;go-forward&#8221; plan for continuing operations. The go-forward plan included a change in name to &#8220;NewCo.&#8221; The plan states that all current debt will be wiped out going forward, but does not state how that [&hellip;]<\/p>\n","protected":false,"gt_translate_keys":[{"key":"rendered","format":"html"}]},"author":6,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"content-type":"","footnotes":""},"categories":[32,9],"tags":[1797,1008,1993,1994],"member_types":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Avantair announces plan to resume operations - SMART Union<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.smart-union.org\/avantair-announces-plan-to-resume-operations\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Avantair announces plan to resume operations - SMART Union\" \/>\n<meta property=\"og:description\" content=\"Troubled airline Avantair, expects to resume flights in early August, pending new financing. On Wednesday, July 17, the airline announced it&#8217;s &#8220;go-forward&#8221; plan for continuing operations. 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