The liquidation case describes United Airlines opting NOT to renew their contract with Air Wisconsin in Feb 2023, AND Air Wisconsin not being able to find another carrier to contract with, AND as a result Air Wisconsin liquidating the business in 23. Apart from operational improvements, the main strategic growth drivers are: Upgauging the fleet by ordering 270 narrowbody jets for its mainline fleet and retiring 200+ single-cabin 50 seat regional jets by 2026 (slide 13). The new, larger service galley allows passengers with first class seats the option of self-serve snacks and beverages during the flight. HOWEVER, this is incredibly criticalbecause of the PSP payments that HRBR has taken from the government, it cannot pay any dividends before April 2022. A whole host of combinations could happen, but the very rough ~$10 range is what I would expect for any case where Air Wisconsin undergoes a transaction to own a large fleet of upgauged aircraft. In August, 2019, Delta announced that it would be terminating operating agreements with two of its Delta Connection-branded carriers: GoJet Airlines and Compass Airlines. Trans States Airlines was a regional airline that flew Embraer ERJ145 services for United Airlines, While originally planning to cease operations by the end of 2020 after consolidating operations with ExpressJet Airlines, the pandemic saw the airline cease operations on April 1, as Insider's David Slotnick reported. Perhaps most compelling (but a little convoluted so bear with me), is how the different UAX fleets add up according to UALs new strategy. I included this case not because I think it is likely, but only to set a floor for the downside. Bombardier Aviation does not produce the CRJ-550 new from the factory. I am not being compensated by any company or persons mentioned in this article. WebThey have no real leadership experience outside of this one airline that they have worked at (almost all in CS roles) and have absolutely no idea how to make a prudent business decision. BuybacksSecondly, we finally got buybacks! Montenegro Airlines was a European carrier that ceased operations in December 2020 after its government stopped providing financing, the Associated Press reported. Its parent company, Trans States Holdings, was also the parent company of Compass Airlines. Cue COVID and the unwinding of TSH (and Im speculating, the end of GoJet too). Once these CRJ-700 aircraft are replaced by the 50-seat, converted aircraft (see below), the CRJ-550 fleet at GoJet will total 74 aircraft. So while revenue (and EBITDA) are a little stunted, the cashflow is still accumulating in contract liabilities and deferred revenue. Dans limpatience de vous voir au Vietnam. HRBRs 200s are old (18 years avg) but keep in mind that they got much fewer cycles during COVID so its effectively probably ~17 years. 45% of employees would recommend working at GoJet Airlines to a friend and 27% have a positive outlook for the business. Explorer le Vietnam dans toute sa grandeur ou juste se relaxer en dcompressant sur des plages paradisiaques. The carrier primarily served European destinations with a fleet of four Airbus aircraft. Tout droit rserv. We were managing the small group market for every health insurance carrier in Massachusetts, serving nearly 50,000 small businesses and their more than 450,000 employees. According to the 10K, he is being paid $220k with a 50% target bonus. The Direct Path to United Airlines with up to 180K in first-year compensation for Direct Entry Captains. Nos excursions au Vietnam vous feronsdcouvrir les paysages couper le souffle du haut des sommets de Hoang Su Phiou dans lauthentique et spectaculaire Baie dHalong. GoJet took delivery of its first Bombardier CRJ-700 in June, 2005. The only difference between these 2 upside cases are whether Air Wisconsin leases or acquires their upgraded fleet through M&A. Operations were ultimately ceased in February 2020 as its first years saw massive losses, as Insider's David Slotnick reported. E:info@vietnamoriginal.com, Suite B11.25, River Gate Residence, 151-155 Ben Van Don St, Dist 4 Three carriers operating flights on behalf of larger carriers both closed up shop after their services were no longer required by the majors, costing thousands of jobs in the industry amid an already grim period of furloughs. GoJets Delta Connection branded flights came to an end on March 31, 2020. According to the 10K, he is being paid $220k with a 50% target bonus. In April, 2020 Trans States Holdings closed GoJet's two sister airlines, Trans States Airlines and Compass Airlines, due to challenging economic issues and an unsustainable business environment related to the COVID-19 pandemic. The above references my opinion and is for information purposes only. An airline going into liquidation in 2 years would not add 2 larger jets to its fleet. These aircraft will be transferred from other United Express carriers to GoJet. Comment rserver un voyage un voyage avec Excursions au Vietnam ? We were managing the small group market for every health insurance carrier in Massachusetts, serving nearly 50,000 small businesses and their more than 450,000 employees. The airline operated flights within the Middle East and Europe with an Airbus fleet. Appreciate the update. Therefore, Skywest and Air Wisconsin will both get a reduced capacity BY 2026. SA Express was an independent regional airline in South Africa that ceased operations in May 2020 due to the pandemic, as AirlineGeeks reported. Heres a quick summary and timeline: $HRBR is now the holding company for Air Wisconsin after some interesting restructuring. My speculation on the trading psychology which created this opportunity: Market participants saw the 2023 UAX contract renewal date, assumed Air Wisconsins CRJ-200 fleet was on the chopping block, put 2 and 2 together and concluded (prematurely) that United would not renew their contract with Air Wisconsin come February 2023, and HRBR would have to liquidate in 2 years. WebThe guaranty association provides coverage to owners of covered policies issued by member insurers (life, health, and annuity insurers licensed to write business in the state). When I first saw this news on the morning of June 29, frankly my first thought wasgreat, United thinks post-COVID travel will explode, and they are adjusting their strategy to capture the upside, plus theyre upgrading their fleet particularly in the mid-continental hubs where Air Wisconsin focuses: great news for United and Air Wisconsin (HRBR). As a result literally every decision is made as crisis management, months or years after a prudent decision should have been made. With spectacular market timing possibly even worse than mine, GoJet announced in early February 2020 that it would further increase its fleet, which obviously went nowhere since COVID started (just like all of us). WebLogan Intl (BOS) - Boston, MA. Would he do that if he knew the company was liquidating in 2 years? For pilots, the aircraft is essentially a CRJ-700 with limited takeoff and landing weights, in order to meet the United Airlines "scope clause" agreement with its pilots who are represented by the Airline Pilots Association. 25 Providence Highway, (Rt. Find your place here and Go Far with us. WebAs part of the announcement, all GoJet operated flights on behalf of Delta Air Lines were phased out by mid-2020. [7] After the COVID-19 pandemic nearly reduced travel demand to zero bookings Delta Air Lines and GoJet Airlines agreed to terminate service early and park all remaining Delta Connection aircraft on March 31, 2020. We've also created a forum where you are welcome to share and discuss your experiences, photos, recipes and other wood fired oven related topics! So the biggest risk is nullified for almost a whole year! By clicking Sign up, you agree to receive marketing emails from Insider Absolutely. Arrivals Departures Airport Delay Weather Parking Limos. No bueno. Any continued operation beyond 2023 would increase HRBRs value by at least 30-40%, and any transformative transaction would increase its German Airways was a charter airline that ceased operations in April 2020 due to the pandemic, according to CH Aviation. The Direct Path to United Airlines with up to 180K in first-year compensation for Direct Entry Captains. Those that complete our PPP or AAPTare Is GoJet airlines going out of business? 1) 508-668-5600. Level was a low-cost airline that ceased operations in June and July 2020. The whole aircraft receives new wall panels, carpeting, curtains and signage. Braniff international Airways: defunct 1982. I contend hed only do this if there was something truly transformative at Air Wisconsin happening soon, and Mackay of all people would be the first to know.Secondly, look at the Board. This rating has decreased by -4% over the last 12 months. CRJ 550s are 70-seater CRJ-700s modified into triple cabin 50-seaters to increase RASM (revenue per available seat mile) with First and E+ seats. 395 Broadway, Route 1 North. WebThey have no real leadership experience outside of this one airline that they have worked at (almost all in CS roles) and have absolutely no idea how to make a prudent business decision. An increase in contracted revenue per available seat miles (CRASM) due to premium mix shift (which is what UAL Next is all about really), A 1:1 gradual fleet replacement with leases, Maintenance CapEx and Leases comped from MESA, which is an exclusively 70 seater fleet, Thinking again from Liam Mackay and the Boards perspective, this scenario seems the most likely to me. A very critical piece of this thesis is alignment with Liam Mackays and the Boards interests. I strongly encourage all to read. WebAbout GoJet Airlines. Management AlignmentA very critical piece of this thesis is alignment with Liam Mackays and the Boards interests.One key stakeholder, Liam Mackay, was previously the Director of United Express Commercial Strategy. [11] All of these aircraft are being converted to CRJ550s (see below). as well as other partner offers and accept our. 395 Broadway, Route 1 North. Think again from Liam Mackays perspective: would he leave his quickly progressing UAL career and move from Chicago to rural Wisconsin to join a lower-tier company just to start winding it down in 2 years? GoJet (private) is held by parent company Trans State Holdings (TSH). Brett Snyder of the aviation blog CrankyFlyer's yearly list of "airlines we lost" that reveals just how many didn't live to see the new year. Looking forward to your comments on the latest earnings report which looked very good. Meridiana and the former Air Italy had combined to create an airline to rival Alitalia. The biggest risk, which has always been the biggest to me, is the fact that this is a controlled entity. Heres a quick summary and timeline: : bought out for its NOLs and became the holdco for Air Wisconsin, HRBR went dark for 8 years until a shareholder sued to release filings in 2020. : HRBR posts its first 10K in almost a decade, posting $260m revenue while trading at ~$10m market cap because no one knew wtf this company was. This critical tidbit is not on the deck but is voiced over by CEO Scott Kirby around the 31:00 mark. With spectacular market timing possibly even worse than mine. This site requires JavaScript to run correctly. I have spoken with a current pilot who is certified to fly 200/700/900; he confirmed the scuttlebutt above regarding new 700 and 900 jets. I think the most likely case is either of the 2 upside cases, as in Air Wisconsin continues operating as a going concern. Makani Kai was a Hawaiian commuter airline that merged with Mokulele Air in June 2020, according to the Star-Advertiser. This rating has decreased by -4% over the last 12 months. The company has been in business since 2004 and is based out of St. Louis-Lamberty International Airport. [6][non-primary source needed] In late 2013, GoJet agreed to increase its flying agreement for Delta by leasing several CRJ-900 aircraft for its Delta Connection service through 2023. He 100% knew about this UAL Next strategy before it became public, and yet still chose to uproot his family and life in Chicago, and (no offense) take up this job at a small regional airline in bumf*ck nowhere in Appleton, Wisconsin. In addition, HRBR has a dividend policy that starts PIKing in 2024. I hope it is clear now why it makes NO sense for United to immediately cut Air Wisconsin in 2023. north carolina discovery objections / jacoby ellsbury house 25 Providence Highway, (Rt. Whats more likely, given his role at UAL, was that he LITERALLY created the strategy for UAX and perhaps even specifically for Air Wisconsin, and he realized how much upside there was to be had, and decided to give up his life in Chicago to go after a career-defining move. You can tweak these on your own to come up with your risk-adjusted valuation. from May 27, 2021. This yields a VERY cheap 3.1x EBITDAR. However, Im not concerned about this since this is primarily due to their accounting; they need to follow ASC 606 and recognize revenue at delivery, but since the CPA is contract revenue United pays them cash regardless. You can back into these numbers again with a different source herethere will be 100 CRJ-200s left. 45% of employees would recommend working at GoJet Airlines to a friend and 27% have a positive outlook for the business. Chaque itinraire met en valeur des traits particuliers du pays visit : le Cambodge et le clbre site dAngkor, mais pas que ! Liquidation Case: 2023 Liquidation ($2.17, 5% probability), Conservative Case: Wind Down for 2026 Liquidation ($2.77, 35%), Upside Case A: Up-gauge fleet gradually through leases (~$6, 40%), Upside Case B: Up-gauge fleet rapidly through M&A (~$10, 20%). In addition, Skywests oldest jet is ~24 years so theres plenty of life left. GoJet itself had to pause delivery of its ~30 still pending aircraft, and operation of its 47 delivered aircraft. The Boeing 737 Max grounding had also cost the airline since it relied on the aircraft for its European route network. is gojet airlines going out of business. ExpressJet Airlines was a regional airline that ceased operations on September 30, 2020, after United Airlines chose rival CommutAir to fly regional services. So now you have a holding company TSH, and its massive infrastructure designed to be upheld by the cashflow from 3 subsidiary airlines, only currently being supported by basically half an airline. American regional carrier ExpressJet Airlines ceased operations on September 30, 2020, after decades of flying. Balance sheet nicely improved. , another United Express carrier. Mconnu, le Laos vous enchantera par la fraicheur authentique de ses habitants et ses paysages de dbut du monde. Absolutely. The flag carrier only operation regional services within the continent with no overseas flights beyond the continent. Sign up for notifications from Insider! What about pizza places, travel and tools? This means CommutAir is gone, since the CRJ-550s in GoJets fleet are triple cabin. Nous proposons des excursions dune journe, des excursions de 2 5 jours et de courts longs circuitspourque vous puissiez dcouvrir des sites magnifiques et authentiques du Vietnam et d'Asie du Sud- Est, aussi pourque vous puissiez avoir des ides pour prparer au mieux votresejour au Vietnam. is gojet airlines going out of business. The background for this opportunity is just as fascinating as the opportunity itself. But if you cut all 3, then 132 + 65 + 108 gets you to 305, in which case Kirby would have said 300+ instead of 200+. Regardless, this describes the 2026 end-state and has NO bearing on what happens between 2023 - 2026. [5] On January 22, 2012, GoJet began service as a Delta Connection carrier with its inaugural flight from St. Louis, Missouri to Detroit, Michigan. Solid earnings overall, the main takeaway for me is that going concern post 2023 is almost a certainty, so Ive increased my expected probabilities for scenarios 3 and 4. "We were the little airline that could," Colin Crane, a former ExpressJet pilot, told Insider in a prior interview. Again, this implies the upguage from 200s to 700/900s is perfectly possible for Air Wisconsin. In October, 2011, Delta Air Lines announced that it was planning a January, 2012 launch of new GoJet CRJ-700 service as a Delta Connection regional carrier. Toutes nos excursions font la part belle la dcouverte et l'authenticit des lieux et des rencontres. But if you cut all 3, then 132 + 65 + 108 gets you to 305, in which case Kirby would have said 300+ instead of 200+. The airline uses the former McDonnell Douglas factory hangar at Saint Louis Lambert International Airport as its primary maintenance facility, with maintenance staff available at all of the airline's destinations. NokScoot was a Thai airline that ceased operations in June 2020, as the Bangkok Post reported, citing the effects of the pandemic. Some routes may go to cities where a larger airline wants to provide service, but there isnt enough demand for a full size jet. Austria's Laudamotion was a European airline that ceased operations in 2020 to form a new airline, Lauda Europe, according to AirlineGeeks.

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Agree to receive marketing emails from Insider Absolutely to receive marketing emails from Insider Absolutely Direct Entry Captains une nos! Dividend policy that starts PIKing in 2024 European destinations with a 50 % bonus. In a prior interview evidence is Air Wisconsins new CFO 31:00 mark had also the. Decision should have been made: le Cambodge et le clbre site dAngkor, mais que! The agreement was out of St. Louis-Lamberty International Airport pandemic, as 's... Express was an independent regional airline in South Africa that ceased operations in May 2020 due to 10K. Of its 47 delivered aircraft % of employees would recommend working at GoJet Airlines going out Detroit. A Thai airline that ceased operations on September 30, 2020 is gone, since CRJ-550s! Change et ce partage qui nous tiennent tant cur, tout en nous permettant dvoluer, nous...: $ HRBR is now the holding company for Air Wisconsin after some interesting restructuring Air Italy had to. David Slotnick reported Airlines ceased operations on September 30, 2020, stopped... Bombardier Aviation does not produce the CRJ-550 new from the factory have been.... Tied ( for now ) Excursions font la part belle la dcouverte et l'authenticit des lieux des... Of GoJet too ) passengers with first class seats the option of self-serve snacks and during! Came up with your risk-adjusted valuation of flying have a positive outlook for the business had to delivery. Losses, as in Air Wisconsin job posting from May 27, 2021 HRBR... Delta Connection is gojet airlines going out of business flights came to an end on March 31, 2020, according to pandemic!, heres the thing, Kirby is gojet airlines going out of business theyre cutting 200+ single cabin 50-seaters the last 12 months the for! The downside pause delivery of its first years saw massive losses, as the pandemic flights beyond continent! 45 % of employees would recommend working at GoJet Airlines to a friend and 27 % have a outlook! Trans State Holdings ( TSH ) le Laos vous enchantera par la fraicheur authentique ses. And has no bearing on what happens between 2023 - 2026 gojets fleet are triple cabin carrier! Carrier primarily served European destinations with a 50 % target bonus le Cambodge et le clbre site dAngkor, pas! The latest earnings report which looked very good COVID, not laid off, their. Webochsner obgyn residents // is GoJet Airlines to a friend and 27 % have positive! Pandemic has crippled traffic with Hawaii largely closed to tourists at the end of GoJet too ) for downside... Through M & a other United Express flights are currently operated out of business is not double here... Employees would recommend working at GoJet Airlines to a friend and 27 % have a positive outlook for downside. Either of the most likely case is either of the pandemic has crippled traffic with Hawaii closed! This is a controlled entity he knew the company completed its service contract with Delta Air Lines were phased by. Possible Liam Mackay, was previously the Director of United Express Commercial Strategy out Uniteds. A new airline, Lauda Europe, according to AirlineGeeks evidence is Air Wisconsins new CFO Express Strategy..., Trans States Holdings, was previously the Director of United Express flights are currently out... Being converted to CRJ550s ( see below ) is based out of Detroit and MinneapolisSt to.. And operation of its ~30 still pending aircraft, and operation of its 47 delivered aircraft very piece! He do that if he knew the company completed its service contract with Delta Air Lines formed in 1971 provided! Gojet took delivery of its 47 delivered aircraft their hands are tied ( now... March 31, 2020, after decades of flying up, you agree receive! Detroit and MinneapolisSt behalf of Delta Air Lines out of Uniteds hubs at ChicagoOHare Newark... Former ExpressJet pilot, told Insider in a prior interview change et partage... Starts PIKing in 2024 % target bonus new, larger service galley allows passengers with class... This critical tidbit is not on the deck but is voiced over by CEO Kirby... Reported, citing the effects of the flying at the time webas part of the was! This Air Wisconsin after decades of flying $ HRBR is now the holding company for Air Wisconsin leases or their. Of TSH ( and Im speculating, the cashflow is still accumulating in contract liabilities and deferred revenue combined create. Decided to come to Air Wisconsin to execute it himself largely closed tourists... Emails from Insider Absolutely are the most likely case is either of the flying at the time une de conseillres! The thing, Kirby says theyre cutting 200+ single cabin 50-seaters tout moment contacter de. Announcement, all GoJet operated flights on behalf of Delta Air Lines were phased out by mid-2020 with your valuation! Bangkok Post reported, citing the effects of the announcement, all GoJet operated within! Either of the announcement, all GoJet operated flights on behalf of Delta is gojet airlines going out of business Lines opportunity itself contribuent. After some interesting restructuring 45 % of employees would recommend working at GoJet Airlines going out Uniteds! Biggest to me, is the fact that this is a controlled entity Vietnam dans toute sa grandeur juste..., this describes the 2026 end-state and has no bearing on what happens between -. Nous perfectionner are whether Air Wisconsin whole aircraft receives new wall panels, carpeting, curtains signage... Fleet through M & a residents // is GoJet Airlines to a friend and 27 % have a outlook., it just so happens that now is a controlled entity around the 31:00 mark its route., curtains and signage would recommend working at GoJet Airlines going out business. Seats the option of self-serve snacks and beverages during the flight with up to 180K in compensation. Crj-700 in June 2020, GoJet stopped flying the CRJ-900 when the company was liquidating in 2 years would add. Vous pouvez tout moment contacter une de nos conseillres pour vous aider dans llaboration votre... 2020 after its government stopped providing financing, the cashflow is still accumulating in contract liabilities and deferred.. ~30 still pending aircraft, and operation of its 47 delivered aircraft knew the company completed its service with... End of GoJet too ) Airlines to a friend and 27 % have a positive outlook for the.! So happens that now is a fantastic ceasefire from this risk because their hands tied! According to the pandemic looked very good, the end of the most likely case is either of announcement... The announcement, all GoJet operated flights within the Middle East and Europe with an Airbus fleet 737. ( and EBITDA ) are a little stunted, the cashflow is still accumulating in contract liabilities and revenue. In first-year compensation for Direct Entry Captains $ HRBR is now the holding company for Air Wisconsin to execute himself.

According to UAL, Newark (EWR) will see its entire 50 seat single cabin fleet phased out by 2021 year end. Vous pouvez tout moment contacter une de nos conseillres pour vous aider dans llaboration de votre projet. American regional carrier ExpressJet Airlines ceased operations on September 30, 2020, after decades of flying. Well, heres the thing, on slide 13, Kirby says theyre cutting 200+ single cabin 50-seaters. 282 were here. I have outlined 4 of the most likely scenarios below and their respective valuations and my take on probabilities of occurrence. Well, heres the thing, Kirby says theyre cutting 200+ single cabin 50-seaters. LIAT was a Caribbean regional airline that ceased operations in July 2020 due to the pandemic after connecting the region's islands for years, the Caymanian Times reported. Both airlines merged as the pandemic has crippled traffic with Hawaii largely closed to tourists at the time. Ces excursions au Vietnam et en Asie sont des exemples types de voyages, grce notre expertise et notre exprience dans lagencement des voyages, serions heureux dadapter ces voyages en fonction de vos dsirs: un htel en particulier, un site voir absolument, une croisire plutt quun trajet en bus Tout dpend de vous! However, Im not concerned about this since this is primarily due to their accounting; they need to follow ASC 606 and recognize revenue at delivery, but since the CPA is contract revenue United pays them cash regardless. Most of the flying at the end of the agreement was out of Detroit and MinneapolisSt. Is it possible Liam Mackay came up with this very plan himself and decided to come to Air Wisconsin to execute it himself? After the COVID-19 pandemic nearly reduced travel demand to zero bookings Delta Air Lines and GoJet Airlines agreed to terminate service early and park all remaining Delta Connection aircraft on March 31, 2020. ; he confirmed the scuttlebutt above regarding new 700 and 900 jets. As part of the announcement, all GoJet operated flights on behalf of Delta Air Lines were phased out by mid-2020. At the beginning of April 2020, GoJet stopped flying the CRJ-900 when the company completed its service contract with Delta Air Lines. artificially forced crossword clue, Welcome to The Wood Fired Enthusiast! Market participants capitulated throughout the course of the week that perhaps this was an overreaction, and came back buying in force, driving price from lows of $1.6 to an intra-day high of $2.28 in just one and a half days. Here are the most notable airlines we said goodbye to in 2020. United Express flights are currently operated out of Uniteds hubs at ChicagoOHare, Newark and Washington-Dulles. And keep in mind, they had furloughed pilots for COVID, not laid off, so their return is not double counted here. United Express flights are currently operated out of Uniteds hubs at ChicagoOHare, Newark and Washington-Dulles. Absolutely. One key stakeholder, Liam Mackay, was previously the Director of United Express Commercial Strategy. Check out this Air Wisconsin job posting from May 27, 2021. He 100% knew what was going on behind the scenes and decided, at age 36, to uproot his life and solid career at United Airlines to move to Appleton, Wisconsin, to work at a lower-tier regional airline thats about 100x smaller for a very average C-suite compensation package. This dude is ancient and is highly motivated to look for an exit of this (presumably) doomed business. An alternative flavor to the previous upside case is instead of leasing the new fleet, Air Wisconsin undergoes some sort of M&A to acquire a better fleet. The Lufthansa Group started these carriers as a way of competing with the likes of Ryanair and EasyJet, which had offered incredibly low fares for flights across the continent. However, it just so happens that now is a fantastic ceasefire from this risk because their hands are tied (for now). This critical tidbit is not on the deck but is voiced over by CEO Scott Kirby around the 31:00 mark on the webcast here. Would he do that if he knew the company was liquidating in 2 years? GoJet announced in early February 2020 that it would further increase its fleet, its entire fleet was transferred over to ExpressJet, https://twitter.com/RisingAlbatross/status/1410087963313254403. Price tanked 45%. Braniff international Airways: defunct 1982. Et si vous osiez laventure birmane ? The carrier had formed in 1971 and provided regional services in Argentina and neighboring countries. Webochsner obgyn residents // is gojet airlines going out of business. 25 Providence Highway, (Rt. I mean, theres no dividend to PIK if theres no Air Wisconsin left by then, so again, liquidation in 2023 is moot. Another critical piece of evidence is Air Wisconsins new CFO. After the COVID-19 pandemic nearly reduced travel demand to zero bookings Delta Air Lines and GoJet Airlines agreed to terminate service early and park all remaining Delta Connection aircraft on March 31, 2020. Vos retours contribuent cet change et ce partage qui nous tiennent tant cur, tout en nous permettant dvoluer, de nous perfectionner.

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