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Accueil >> Forum >> Is this true about Olympic? Forum Aviation civile
Is this true about Olympic?
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Message de Hello people! - Envoyé le 15 Dec 14:30 |
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I read an article, saying that the Greek carrier Olympic would cease operations in 2008, and in 20 days become an all new Greek airline, (similar to sabena). Aparrently because of mounting debts.
Shame, one of the finest airines, maybe going. 
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Message de G-NIKO - Envoyé le 15 Dec 15:53 |
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Message de Werkur737 - Envoyé le 15 Dec 18:01 |
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Yep, really a Shame...after bankrupt first Olympic Airways changed for Olympic Airlines and dropped from use some aircraft, the airline is in poor operations conditions. I hope, like the old Swissair, Lufthansa or other airline buy the greek one.
If anyone has more detailed infos, please post it!
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Message de aaa - Envoyé le 18 Dec 0:57 |
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Greece is running out of time to find a formula to save troubled Olympic Airlines, unlikely the carrier, which has been told by the EU to pay back hundreds of millions of euros in illegal state aid, could be rescued in its present state.
Pressured by labour unions and the public, which have long opposed shutting down the airline founded by shipping tycoon Aristotle Onassis, consecutive Greek governments have tried and failed to privatise Olympic.
Barrot suggested that the debt-ridden Olympic may adopt a model like Belgium's Sabena, which was shut down and some of its assets transferred to a smaller, private company which is now successful.
Only such a solution will allow the company to fly with the (same logo) in Greek skies, Barrot was quoted as saying.
Last month, budget airline Ryanair (RYA.I: Quote, Profile, Research) said it was suing the European Commission for failing to act on its complaint that the Greek government provided illegal state aid to Olympic
At this stage and despite efforts made by Greek authorities, I think it is very difficult to conclude that Olympic has paid back all illegal aid it has received and that it does not continue to receive aid, Barrot said.
The Commission first ruled in 1996 Olympic must pay back large amounts in illegal aid it received in the 1990s.
Olympic Airways was split into two units in 2003, a debt-heavy services company and a debt-free carrier, Olympic Airlines. Brussels still regards it as one company. (Reporting by Stelios Bouras; Writing by Dina Kyriakidou; Editing by David Holmes)
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Message de aaa - Envoyé le 18 Dec 1:05 |
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rescue of Olympic Airlines [OLY.UL] in its current form was unlikely but the Greek government might be able to shut it down and re-launch it as a debt-free company, Transport Minister Kostis Hatzidakis said on Friday.
It is the first clear sign the conservative government was prepared to close down the -embattled airline, which has been told by the European Commission to pay back hundreds of millions of euros in illegal state aid.
Our first aim is to rescue the airline exactly as it is but this is not the most likely scenario, Transport Minister Kostis Hatzidakis told parliament.
The minister did not elaborate on what he meant by a rescue.
A new company can be created along the lines of Israel's El Al ELAL.TA, which closed down one day and opened the next, debt-free, he added.
El Al went public in 2003 with a listing on the Tel Aviv stock exchange. Greek Transport Ministry officials could give no details on how Olympic could be dealt with in a similar way to El Al.
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