Mon, Mar 22 2010

Low-fare airline SkyEurope granted creditor protection

Mon, Jun 22 2009 14:00 CET byAlex Bivol 2644 Views 1 Comment
Low-fare airline SkyEurope granted creditor protection

SkyEurope country manager for Bulgaria Krassimir Tanev

Photo: Nadezhda Chipeva

Slovak-based low-fare airline SkyEurope said on June 22 that a Bratislava court granted it creditor protection while it restructures its debts, news agencies reported. It would not have an impact on the company's operations, with regular and chartered flights operations unaffected, reports said.

"There has been ongoing investor interest in SkyEurope and its business plan, although the company's debt has been a barrier," Reuters quoted a company statement as saying. "This period of reorganisation under creditor protection will give the company time to restructure its debt and become attractive for new equity investment."

Under Slovak law, companies have up to nine and half months to complete reorganisation under creditor protection, Associated Press said. "This is a good step for SkyEurope because it means we will be able to operate without any disruption while we implement reorganisation," the agency quoted SkyEurope chief executive Jason Bitter as saying.

Since it started operations in 2002, the low-fare airline has not reported profit once, but its losses were made worse by the global economic slowdown and declining traveller numbers worldwide. Its loss in the fiscal year ending in September 2008 was 19 million euro, up from 15.7 million euro the previous year.

SkyEurope operates flights between Sofia and Vienna, Brussels, Amsterdam, Lisbon and Venice. It also offers flights between Bourgas on the Black Sea coast and Vienna, Prague and Bratislava.

Comments

Anonymous Michael John Alexander Wed, Jul 01 2009 20:13 CET
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SkyEurope also operates between Vienna and Athens (Greece); an important part of its network.

AnonymousMichael John AlexanderWed, Jul 01 2009 20:12 CET

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Appointments

Piraeus Bank

Piraeus Bank

Pepi Ivanova has joined Piraeus Bank Bulgaria as its news press office manager. She will be responsible for the bank's corporate communications and media relations and its subsidiaries - Piraeus Leasing Bulgaria, Bulfina, Piraeus Auto Leasing, Piraeus Insurance Brokerage and Piraeus Best Leasing. Ivanova has 10 years' experience in public relations and banking. She started her career as an associate at the NGO Center for the Study of Democracy and later became an economics journalist at Trud daily. She has also worked as a client service specialist and credit administrator at United Bulgarian Bank. Before joining Piraeus Bank, Ivanova spent seven years working for Globul mobile operator. She has a master's degree in philosophy and journalism from Sofia University St. Kliment Ohridski and a post-graduate degree in banking from the University for National and World Economy in Sofia. Ivanova also holds a diploma from the London School of Public Relations.

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Overgas

Valeria Vidinlieva is the new HR manager of Overgas natural gas suppliers. She will be responsible for the company's corporate social responsibility and for selection and training of staff. She joins the company after 24 years at Stomana Industry metallurgic firm, now part of the Greek Viohalco, where she headed the HR directorate. Vidinlieva is a graduate of Sofia's University of National and World Economy and has a degree in HR from Paisii Hilendarski University in Plovdiv.

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