connect with us
Travel & Tourism industry news by Greek Travel Pages (gtp)

Olympic Sale Still In the Air

Olympic Airlines, with a share capital of 130 million euros, has chalked up 107 million euros in losses since its setup as a new debt-free airline just a little better than a year and half ago.

While the bidding process for the purchase of Olympic Airlines by a private concern is plodding on, the troubled state carrier is losing money due to an expensive aircraft leasing program and does not have a single plane in reserve.

OA has been routinely canceling about six to seven flights daily, since a lack of funds has prevented the acquisition of five planes contracted for in January.

At present, the company is leasing, on short notice and at considerable expense – over 5 million euros per case, enough to lease four or five planes for a year – planes and crews, often from obscure foreign airlines. OA’s pilots’ and engineers’ unions have denounced the policy as too expensive and leading to loss of market share.

About the Author
This is the team byline for GTP. The copyrights for these articles are owned by GTP. They may not be redistributed without the permission of the owner.

Add your comment

*