AirLib Avoids Bankruptcy; Cuts 300 Jobs But Loses €500k/Day
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AirLib Avoids Bankruptcy; Cuts 300 Jobs But Loses €500k/Day
From today's ATWOnline:
[quote]Air Lib has averted filing for bankruptcy by securing eur61 million ($54.4 million) in new capital from an unidentified investor and shedding about 12% of its workforce. It said it hopes to conclude a loan for an additional eur61 million in the coming days.
However, it needs to implement new productivity measures to survive in the long term. It will cut 300 jobs from its 2,500-person workforce and aims to save about €45 million on its domestic routes by reducing frequencies and lowering service. The successor carrier to AOM Air Liberte reportedly is losing about €456,000 a day. Only its codeshare routes operated with Air France to the overseas French territories are profitable.<hr></blockquote>
[quote]Air Lib has averted filing for bankruptcy by securing eur61 million ($54.4 million) in new capital from an unidentified investor and shedding about 12% of its workforce. It said it hopes to conclude a loan for an additional eur61 million in the coming days.
However, it needs to implement new productivity measures to survive in the long term. It will cut 300 jobs from its 2,500-person workforce and aims to save about €45 million on its domestic routes by reducing frequencies and lowering service. The successor carrier to AOM Air Liberte reportedly is losing about €456,000 a day. Only its codeshare routes operated with Air France to the overseas French territories are profitable.<hr></blockquote>
