Aigle Azur files for bankruptcy and awaits potential buyout

Paris Orly-based airline Aigle Azur has filed for bankruptcy after it was placed in receivership. The French carrier will still continue to operate flights during a “period of observation”, it has also filed a complaint over the move – which was rejected by 80% of its shareholders. The airline is facing extinction despite generating revenue of $329 million last year, transporting 1.9 million passengers. Chinese conglomerate HNA Group, which also owns Hainan Airlines, is the largest stakeholder with 49%. American airline entrepreneur David Neeleman, whose companies include JetBlue and TAP Air Portugal, owns 32%, and French businessman Gerard Houa holds