The Flyr wet leases where not the saviour but possibly what breakes it

Flyr has had extra costs over the winter to prepare for possible wet leases of halve it's fleet of 12 aircrafts. They where desperate for these as they tought the news of them would bring the share price over 1 norwegian øre (0.001 Euro) so they could get some more financing according to a desperate plan.

However the deal inclided paying for preparation cost up front. Money Flyr didn't have the finances for. They should relly not have gone for any wet leasing that didn't include at least a 10% payment up front and the rest of the money for each flight paid at least 1 week before it took place. After all the charter companies customers pays it all up front.

Another tell tale sign of poor management is that none of the 12 planes actually have any flights scheduled for tomorrow Tuesday 31/1-2023. So we are now awaiting whether they will still be in the skies on Wednesday.

A poor sign is also that on the Oslo - Trondheim route, that has a total air-passenger trafic comparable with Dublin - London, they only have flights schedule for Fridays and Sundays for the winter. And they are not even that compatibly priced. And if one look at the pricing calendar it seems no days for the next weeks or months are sold out of even their cheapest price class on any day.

Seems like management have put so much effort into these loss making wet-leases that they have taken the eye of the ball when it comes to establishing Flyr as a brand in itself with its own branded routes, and most important getting the payments upfront, even if one officially should call it unearned.

Flyr should have thought about that the 230 million nkr they got in last autumn might have been the last and made a plan according to that. That financing round needed 2 tries so it was optimistic to think they could get and even bigger round of 330 million over the line this time. Specially since the only official management change they did was promoting the CFO to CEO. A person that already had been with the airline for 2 years and was involved in the squandering of the hundreds of million of the original financing. And in the doubling of the fleet last January from 6 to 12 aircraft. Planes they haven't been able to find work for in the crucial winter months. Anybody can fill planes in July, if they are not on strike.

Question is also was the original plan for Flyr to feed on the demise of either Norwegian or SAS. The latter is going to be a slow process because no partly state owned airline in Europe has so far fully collapsed. O'Leary for years forecast annually the demises of several large airlines. None of which fully happened without some sort of following resurrection.