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Exclusive: MK struggling, but puts on a brave face
di, 9 mrt 2010
Staff warned not to expect wages as managers rely on market recovery
MK Airlines has dismissed speculation it is close to bankruptcy, but acknowledged it has been struggling to pay some staff.
Sources in the industry expressed concern about the cargo airline’s future following the departure of senior executives in recent weeks and the reduction of its operational fleet to just two freighters, compared with eight aircraft three years ago.
IFW also understands that some staff were told last week not to expect wages to be paid for seven or eight weeks.
An MK Airlines spokesman told IFW: “There has been a delay to some payments to some staff, which is regrettable.
“But the staff are very loyal and dedicated, and we have been keeping them informed of the situation.
As the operation and the market improve, this should not be a problem that will be repeated.”
He said MK had now re-introduced a third B747-200 freighter back into operation, but acknowledged it had been mainly been using just two freighters since its emergence from administration under new ownership last June.
“Two other aircraft are undergoing C-checks – heavy maintenance – and a further two are in storage,” the spokesman added. “Those two that are in C-checks will go back in to service as soon as the market is there.
“Since coming out of administration, there has been a good degree of restructuring of the business and that has taken a while, but it is done now.
“MK has been a leaner operation than it was several years ago, because of the [tough] market conditions over the last 18 months, but we are seeing some positive signs in the market now and because of that we have got some confidence in the future, and the organisation is very much preparing for an upsurge.
“The reintroduction of the third freighter reflects that.”
MK said it had lost just two of its senior commercial managers in recent weeks – including head of commercial Ross Wilson – but described this as “natural turnover”. Chief operating officer Pat Pearse also left at the start of the year.
The spokesman said: “Other than that, the commercial team is strong and stable, and has been added to with new blood to draw on the rebounding market.”
He said MD and co-founder Mike Kruger remained “totally committed to the airline and its new owner”, dismissing a suggestion from one source as “totally untrue” that Kruger may be preparing to leave the company.
However, industry sources questioned whether MK could survive in the medium-term unless it was able to invest in new, more fuel-efficient aircraft.
One said: “The B747-200 burns much more fuel than a -400 and carries 15 tonnes less cargo, and there are now more -400s available in the market, so I cannot see how, at today’s fuel price levels, -200s can compete.”
However, a source at MK responded: “The lease cost of a -200 is 30% of that of a -400, and at the current fuel prices it is still a viable aircraft on legs of around five or six hours.”
However, MK was unable to confirm whether it still planned to try to raise sufficient capital to upgrade its fleet – as was its intention when entering administration in June 2008.