Olympic Airlines/Air
May this be one reason?
Source EU To Fine Olympic Air EUR800 Mln - Report
Will this happen?
You only have to look at the Alitalia thread to see just how convoluted this path can be made.
The European Union is set to give a green light for the closure of Greek carrier Olympic Airlines and will fine it EUR800 million euros (USD$1.12 billion) for illegal state aid, the daily news paper Imerisia reported on Tuesday.
The EU Commission will meet this week to approve a Greek government plan to shut down the ailing airline and transfer its assets to a new entity called Pantheon, the newspaper said without citing sources.
The EU will fine Olympic over illegal state aid during 2005-2007, after competitors Ryanair and Aegean claimed the government was continuing to provide assistance in breach of EU state aid rules, it said.
No one at Olympic was available for comment.
The EU Commission will meet this week to approve a Greek government plan to shut down the ailing airline and transfer its assets to a new entity called Pantheon, the newspaper said without citing sources.
The EU will fine Olympic over illegal state aid during 2005-2007, after competitors Ryanair and Aegean claimed the government was continuing to provide assistance in breach of EU state aid rules, it said.
No one at Olympic was available for comment.
Will this happen?
You only have to look at the Alitalia thread to see just how convoluted this path can be made.
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The truth is that olympic will still fly all their flights but the goverment has to come up with private investors by the end of the year and once the investors show up pantheon will take over the flights by spring of next year in the mean time pantheon will take all of olympic assets and olympic will shut down
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Olympic total illegal aid now tops E3.4 billion ?
Olympic must repay E3.414bn ?
E850m state aid for period Sep05-Sep08
E540m state aid as Sep05 ruling
E195m state aid for priod 1998-Dec02
$378m loan guarantee from 1994 state aid
GRD427bn debt write off from 1994 state aid
GRD64bn debt to equity from 1994 state aid
GRD40.8bn capital injection from 1994 state aid
E850m state aid for period Sep05-Sep08
E540m state aid as Sep05 ruling
E195m state aid for priod 1998-Dec02
$378m loan guarantee from 1994 state aid
GRD427bn debt write off from 1994 state aid
GRD64bn debt to equity from 1994 state aid
GRD40.8bn capital injection from 1994 state aid
Last edited by Beancounter1; 24th Sep 2008 at 20:26.
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Wow. That's going to hurt the pocketbook. A lot!
Looks like the EC has finally decided that changing Olympic Airways plus Macedonian to Olympic Airlines plus capital injection is still illegal state aid. Nice. Alitalia should beware.
S.
Looks like the EC has finally decided that changing Olympic Airways plus Macedonian to Olympic Airlines plus capital injection is still illegal state aid. Nice. Alitalia should beware.
S.
Olympic Air Unions Block Runway At Athens Airport
Hundreds of Olympic Airlines staff protesting against the planned privatization of Greece's ailing flag-carrier blocked a runway at Athens Airport on Tuesday but did not seriously disrupt flights, police said.
Greece's conservative government announced last week it would split loss-making Olympic into three units to be auctioned off to private investors, ending years of wrangling with the European Commission over illegal state subsidies.
About a thousand protesters wearing their uniforms marched along one of the airport's two runways. They unfurled a Greek and an Olympic Airlines flag and chanted: "When will they shut it down? Never, never, never!"
Source Reuters September 23, 2008
Greece's conservative government announced last week it would split loss-making Olympic into three units to be auctioned off to private investors, ending years of wrangling with the European Commission over illegal state subsidies.
About a thousand protesters wearing their uniforms marched along one of the airport's two runways. They unfurled a Greek and an Olympic Airlines flag and chanted: "When will they shut it down? Never, never, never!"
Source Reuters September 23, 2008
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OLYMPIC - Onasis Likes Your Money Paid In Cash
An old acronym from the sixties describing for Olympic finances - things have never been easy there!
Looks like finally the dinosaurs are on their death beds, I hear AZ shuts down tomorrow - if the jungle drums are correct.
Interesting times!
Looks like finally the dinosaurs are on their death beds, I hear AZ shuts down tomorrow - if the jungle drums are correct.
Interesting times!
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Olympic Privatization
OLYMPIC the Greek "flag carrier" is getting privatized, till the end of this year.
The government published a law, a few days ago, which will give the opportunity to pilots, for an early retirement, assuring the 75% of their salaries to be payed for the next 6 years.
Assuring with this way, that very experienced pilots (most of them at the age range 45-55 with captaincy experience of more than 8000 in average, on B737 EFIS, A340), to leave the company, and enter the "free market".
There are no news, at the moment, who is going to be the new "boss", but they will not find pilots to work for them....!
Having the 75% in their pockets, they can easily work abroad , earning some "extras".
That happens ONLY n Greece!
The government published a law, a few days ago, which will give the opportunity to pilots, for an early retirement, assuring the 75% of their salaries to be payed for the next 6 years.
Assuring with this way, that very experienced pilots (most of them at the age range 45-55 with captaincy experience of more than 8000 in average, on B737 EFIS, A340), to leave the company, and enter the "free market".
There are no news, at the moment, who is going to be the new "boss", but they will not find pilots to work for them....!
Having the 75% in their pockets, they can easily work abroad , earning some "extras".
That happens ONLY n Greece!
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And subsequently this gives hiring airlines all the reasons and tools to lower their salary offer -- the Greeks will still take it, having a nice 75% already in their pockets!
Unfortunately Greek pilots will receive some frosty welcome in the future.
Unfortunately Greek pilots will receive some frosty welcome in the future.
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"Unfortunately Greek pilots will receive some frosty welcome in the future."
I don't think so.....!
They have grate experience, and they are competitive in salary.
Good for the "airline".
I don't think so.....!
They have grate experience, and they are competitive in salary.
Good for the "airline".
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Olympic Pilots.
What is the difference between BA pilot retiring @ 55 and then taking other flying jobs for "pocket money" ? It is alleged that some of these chaps, working for the UK LOCO, their current salary is less then their BA Pension. Still the management like it however, lots of good experience and so cheap!
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Olympic sold to MIG.
ATHENS, March 6 (Reuters) - Greece on Friday reached a deal to sell its ailing Olympic Airlines to Marfin Investment Group (MIG) (MRFr.AT), despite a bid from private rival Aegean Airlines (AGNr.AT).
"The government's legal and financial advisers informed us that the negotiations with MIG's advisers for the sale of Olympic's flying activities and technical base ended successfully," Transport Minister Costis Hatzidakis said in a statement.
Aegean's bid was about twice as much as MIG's offer for Olympic's flying operations, but government sources said it was doubtful the merger would meet European Union competition rules.
"The agreement...will be put before the government's privatisations committee, which is awaiting the approval by the European Commission," the minister said.
Aegean, which has been slowly eating away at Olympic's market share over the years, offered 90 million euros ($112 million) for Olympic's flying operations and 20 million euros for its aircraft maintenance base. It also offered 60 million to buy Pantheon, a company set up by the government as a successor of debt-free Olympic Airlines.
Aegean's offer topped MIG's 45.7 million euro bid for Olympic's flying operations and 16.7 million offer for the technical base.
Selling the loss-making state carrier will end strains on the government's budget and wrangling with the EU over illegal subsidies. ($1=1.2654 euro) (Reporting by Lefteris Papadimas and George Georgiopoulos; editing by Leslie Gevirtz)
ATHENS, March 6 (Reuters) - Greece on Friday reached a deal to sell its ailing Olympic Airlines to Marfin Investment Group (MIG) (MRFr.AT), despite a bid from private rival Aegean Airlines (AGNr.AT).
"The government's legal and financial advisers informed us that the negotiations with MIG's advisers for the sale of Olympic's flying activities and technical base ended successfully," Transport Minister Costis Hatzidakis said in a statement.
Aegean's bid was about twice as much as MIG's offer for Olympic's flying operations, but government sources said it was doubtful the merger would meet European Union competition rules.
"The agreement...will be put before the government's privatisations committee, which is awaiting the approval by the European Commission," the minister said.
Aegean, which has been slowly eating away at Olympic's market share over the years, offered 90 million euros ($112 million) for Olympic's flying operations and 20 million euros for its aircraft maintenance base. It also offered 60 million to buy Pantheon, a company set up by the government as a successor of debt-free Olympic Airlines.
Aegean's offer topped MIG's 45.7 million euro bid for Olympic's flying operations and 16.7 million offer for the technical base.
Selling the loss-making state carrier will end strains on the government's budget and wrangling with the EU over illegal subsidies. ($1=1.2654 euro) (Reporting by Lefteris Papadimas and George Georgiopoulos; editing by Leslie Gevirtz)
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Olympic Airlines flight 411 ATH-JFK returned to ATH due to emergency
Olympic Airlines flight OA411 from ATH to JFK had to return to ATH due to a No2 engine fire indication. The plane involved is the Airbus A340-300 registered SX-DFD. They had to dump fuel in order to reduce the plane's weight and be able to land safely. The plane landed without any problems at 13:50L on rwy 03R, using the whole runway length and making no use of thrust reversers. The emergency vehicles were not required to be on standby as the captain said. The flight is scheduled to depart again at 15:15L and be operated by Airbus A340-300 registered SX-DFB.
From GRReporter:
The Olympic Airlines technical experts checked the airplane right away and they assured that there was not fire. According to them, there was a short circuit in one of the control device connections, which resulted in the false fire signal. The technicians are fixing the problem and the passengers will be transferred to another plane, which will take them to New York.
From GRReporter:
The Olympic Airlines technical experts checked the airplane right away and they assured that there was not fire. According to them, there was a short circuit in one of the control device connections, which resulted in the false fire signal. The technicians are fixing the problem and the passengers will be transferred to another plane, which will take them to New York.