PPRuNe Forums - View Single Post - Poland's OLT Express suspends flights
View Single Post
Old 1st Aug 2012, 11:43
  #7 (permalink)  
konradeck
 
Join Date: Jan 2012
Location: EPWA
Posts: 19
Likes: 0
Received 0 Likes on 0 Posts
Unfortunately that's no longer correct...
Both OLT companies (OLT Express Poland and OLT Express Regional) have gone bankrupt, all aircraft were returned to lessors except of 1 or 2 which were arrested by airports to secure payments.

Long story short: A (suspected) pyramid-style financial company AmberGold (para-banking, not supervised by Polish Financial Supervision Authority as it had no banking-licence) purchased struggling OLT company and tried to build a low-cost regional airline, flying olny local routes with A319/320 with 50% of seats in 99 PLN fare (~25 EUR, taxes included). For such price they had provided full catering and all advantages of Full-price airlines. Moreover they spent on Marketing more than most of FMCG companies.

When PFSA started to take a closer look into AmberGold and started warning actions to the customers and bank market, OLT was cut-off from the wide stream of money from AG and Card Providers, who raised their guarantees. This caused ATR lessor to recall his machines and caused the domino-effect.

It now looks like a nice fraud action from AmberGold to cover their actions...
konradeck is offline