Bridge Builder
Has The Times jumped the gun?
I’ve just read that Eimskip - the holding company (is it the holding company?) - has loads of cash.
They are not the holding company. They sold the company to the management in 2006 and lent them some of the money by way of a loan to get rid of XL. Investment funds are run by switched on people. They know when to divest to avoid getting burned. The management of XL were on an ego trip and decided to buy the company back.
I guess September ATOL renewals were looming and the CAA would require the company to be adequately funded which is obviously isn't.
Goodbye XL, hello Kiss Air !!
Same story as always, management have a safety parachute, staff do not. I hope everyone will find alternative employment, although it may take a little time given the economic climate.
