Source: Reuters Author: Martin Santa 06/22/2009
Subject Concerned: Airlines
Slovak-based SkyEurope Airlines said on Jun. 22 that it had obtained creditor protection from a Bratislava District Court to restructure its debt, as it seeks new equity investors.
The budget airline, listed in Vienna, said in a statement that it would continue the full operation of scheduled and charter flights, and preserve jobs.
"There has been ongoing investor interest in SkyEurope and its business plan, although the company's debt has been a barrier," SkyEurope said.
"This period of reorganisation under creditor protection will give the company time to restructure its debt and become attractive for new equity investment."
The airline has suffered for months from declining passengers numbers as the slowing global economy weighs on the sector, and four out of its 14 planes were already grounded.
The company posted a net loss of EUR18.94 million in its fiscal year ending Sep. 30, 2008, compared with a EUR15.68 million loss in the previous fiscal year.