SkyEurope Holding AG announces that it has signed two separate financing agreements to provide additional liquidity for the business.
The Austrian investor group FOCUS Equity B.V. has signed an agreement to provide new equity investment of up to €16.5 million in SkyEurope, conditional upon a number of factors including the successful completion of the financial reorganisation of SkyEurope Airlines a.s. (the 100% owned subsidiary), which has been underway since last month.
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Petra Vaškových Airlines, Europe, Other, Sky Europe
Slovak low cost airline SkyEurope announced today that it was granted creditors protection by Bratislava I District Court. All the flights and services should continue without any restrictions. SkyEurope said that no scheduled flight would be cancelled.
Spokesman of the airline Tomas Kika said: “We have asked for the creditors protection voluntarily, so that we have time for restructuring our company. We believe this move will help SkyEurope to become more attractive for potential investors.” SkyEurope, that has never made profit so far, has been looking for investors for several years.
Protection from creditors enables the company to continue the operation, but its creditors cannot ask for paying debts made in the past. The airline had first problems with creditors earlier this month, when a company Beyond Interactive published ads in the Czech and Slovak newspapers looking for other SkyEurope’s creditors that would join Beyond Interactive in the court action against the airline. Moreover, SkyEurope paid only part of employees’ salaries in the last months and it owes money for social insurance as well.
What do you think about the whole situation? Would you buy an air ticket with SkyEurope now?
Barbora Nevosádová Airlines, Sky Europe
In its spring sale low cost airline Sky Europe is offering 330,000 seats from €33 one way including all taxes and charges. The sale is on until Sunday 1 March 2009 and it is valid for travel in March, April and May 2009.
Tickets are subject to availability and payment and baggage fees are not included in the quoted price.
Barbora Nevosádová Airfare Deals, Airlines, Sky Europe
