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Budget airline goes bankrupt

PR dla Zagranicy
Peter Gentle 02.08.2012 08:07
Poland’s budget airline OLT Express, which began flying national and international route this April, has declared bankruptcy.


Despite extensive negotiations over the sale of the company’s shares to a new investor, the airline was also forced to abort charter flights, causing disruptions for many homeward-bound holidaymakers abroad.

The decision comes on the heels of suspended regular domestic flights, announced last Friday.

On Wednesday the management board of OLT Express Poland admitted that the company no longer has financial liquidity, prompting it to file for insolvency.

The Civil Aviation Office has announced that OLT Express's licence has been suspended indefinitely.

The airlines’ liquidation was declared to the dismay of several thousand passengers with booked flights grounded. Many holidaymakers stranded abroad are being transferred by travel agencies onto flights operated by other carriers such as LOT Polish Airlines, Enter AIR, or Travel Express.

Meanwhile, German flight carrier OLT Express Germany has assured that the insolvency of its sister company in Poland has not had an impact on its activity, and seeks to further expand on the German market.

“We are in a different, more favourable situation. We have smaller financial needs than the Polish OLT Express, which is why we are operating without disruptions. We are at the same time looking for a new investor,” says a company statement.

The two carriers were set up in 2011 after strategic investor Amber Gold bought two airlines, OLT Jetair and Yes Airways. (aba)

tags: airlines
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