SCH buys FlyLAL for $1m
Swiss Capital Holdings (SCH) has purchased FlyLAL Lithuanian Airlines for $1m with an agreement to pay the airline's debt of EUR1m ($1.4m). The investor's ownership will commence from January 23, 2009. FlyLAL has been privatised and held by Lithuanian investors since 2005. Its government last month refused the airline's offer of a 51 per cent buy out, forcing the airline to close its routes to Istanbul Ataturk, Rome Fiumicino and Paris Charles de Gaulle.
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