SkyEurope Seeks Bankruptcy Protection
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Robert Wall wall@aviationweek.com
After several months of trying to secure its financial future, Slovakian carrier SkyEurope has been unable to close a deal in time and has sought bankruptcy protection to reorganize.
The airline says its debt level has been one of the main obstacles to finding a major investor. The airline has now named London-based Reynolds Partners as investment bankers to help it secure outside capital.
Airline CFO Nick Manoudakis said, "With this reorganization, we are confident that we can secure further investment that will support our business plan and future growth."
The airline says it will maintain operations during the current period.
The Bratislava I District Court granted the creditor protection application. Airline CEO Jason Bitter said, "We will be able to operate without any disruption while we implement our reorganization." The airline says previous reorganization steps are already showing results, with per passenger revenue and load factors on the rise.
In reporting first half financial results, the airline says it reduced its operating loss by 26.7% over the same period last year, but still suffered an 8-million-euro operating loss. It projects further improvement in the result in the second half.
Photo credit: SkyEurope
