Aigle Azur files for bankruptcy and awaits potential buyout

victoria@aviationnews-online.com
By victoria@aviationnews-online.com September 4, 2019 08:57

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 a 19% stake.

The airline flies mostly between France and Algeria, employs around 1,150 people and operates 11 Airbus aircraft (nine A320, and two leased A330).

Aigle Azur is now waiting for potential buyouts with a deadline for bids set to next week.

victoria@aviationnews-online.com
By victoria@aviationnews-online.com September 4, 2019 08:57