Axon Airlines stopped operations
" Yesterday's announcement by Axon Airlines that it will end its operation caused a sensation. Axon is the first Greek airline to become a victim of the international air transportation crisis. The company management stressed in its statement yesterday that after the September 11 terrorist attack on the United States, its economic damage widens in an impressive pace and a recovery is not expected in the near future.
The Axon Airlines stock had big losses in the Athens Stock Exchange last week dropping by -12.8%.
Axon Airlines employed 300 people and had 7 airplanes, 4 of which were leased. No decision was made yet on whether the 3 company owned airplanes will be sold.
The September 11 events and their consequences completely changed the Axon Holding strategy which of course is not interested anymore in purchasing the state-run Olympic Airways, which is going to be privatized soon. "
Interesting indeed. They were considered the front runner for the buyout of Olympic.
So God knows where this development takes that issue.
Something isn't right here though. Didn't Credit Suisse (who's handling the Olympic bids) do enough homework on these guys.
If they were on such thin financial ice that 9/11 just wiped them out, how could they have had a serious bid for Olympic?