Friday, October 9, 2009

Will 5N-VNH be seen again ?

Although it arrived in Shannon for painting almost two weeks ago on September 26, Embraer ERJ 190 registered 5N-VNH has yet to depart the Lufthansa Aircraft Paint hangar. 5N-VNH was the third aircraft from the Virgin Nigeria fleet to be handled at LAPS as part of the airline's re branding into Nigerian Eagle Airlines, an airline which came into being when Virgin Atlantic decided to sever it's ties with the part owned subsidiary bearing it's name. 
Nigerian Eagle was established on September 18 last with Virgin Atlantic retaining a 49% shareholding. The launch of the new airline hasn't been greeted with a universal voice of approval in Nigeria. Some saw Virgin Atlantic's role lending an air of respectability to an industry sullied by the corruption that plagued Nigeria Airways. Those same people now see Nigerian Eagle as a backward step in the development of a national carrier.
At the press briefing to unveil the new airline, the company's MD, Capt Dapo Olumide said that "We are painting the aircraft one by one. It is a gradual change; we will go from airport to airport and from region to region. It will take time and money, but I cannot tell you how much the entire re-branding will cost."
"We are realigning our regional route network and flying only commercially viable routes because we are not an NGO and our aim is to make money for our shareholders. However, our five-year flying plan also includes international routes to the United States of America and Europe, but for now we are concentrating on our domestic and regional operations," he explained. In relation to how the company would source working capital and service it's current debt portfolio, Olumide said "We have an investment package on the way right now and we are going to have private placement in the next six weeks. We are talking to other potential investors outside the country and the chief financial offer has just come back from a trip where he has had discussions with another country, not another airline."
This week however, Guaranty Trust Bank (GTB) has bizarrely filed a petition at the Federal High Court in Lagos urging it to change the name of Virgin Nigeria to Nigeria Eagle Airlines Limited. GTB had previously sought the winding up of the company over it's inability to service a loan of $9.2m. In the petition lodged with the High Court, GTB alleges that the airline changed it's name without the knowledge of the bank. 
Although the painting of 5N-VNH was completed over a week ago the aircraft made it's first trip into daylight this morning in the colors of Nigerian Eagle when it was briefly towed out of the LAPS hangar to facilitate the towing inside of B737 OK-GCE. With the B737 inside the ERJ190 quickly followed it. The final fate of 'VNH may well rest with a court decision in Lagos. 

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