Olympic Airlines will be prepared for liquidation. Greek Minister of Transport Kostis Hadzidakis is planning the closure of the loss-making carrier next year and wants to replace it with a new airline under a new name and with a much smaller fleet. The Greek government also is looking for private investors, according to press reports. "We do not want a blueprint of Olympic, where the state has full control," Hadzidakis was quoted as saying.
According to preliminary plans, the new carrier would operate with a fleet of 20 aircraft instead of the current 42. Most international routes would be closed, with the network focused on flights to domestic destinations and neighboring countries. Half of the 8,500 positions at Olympic would be cut, with the government planning to offer early retirement packages or jobs in other state-owned enterprises. Last weekend, Hadzidakis said Olympic's debt had reached €2 billion ($2.94 billion) and that legal proceedings involving alleged illegal state aid to the struggling carrier have made finding investors impossible. Atwonline
According to preliminary plans, the new carrier would operate with a fleet of 20 aircraft instead of the current 42. Most international routes would be closed, with the network focused on flights to domestic destinations and neighboring countries. Half of the 8,500 positions at Olympic would be cut, with the government planning to offer early retirement packages or jobs in other state-owned enterprises. Last weekend, Hadzidakis said Olympic's debt had reached €2 billion ($2.94 billion) and that legal proceedings involving alleged illegal state aid to the struggling carrier have made finding investors impossible. Atwonline