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31-Jul-2014 11:28 AM

FlyOlympic files for bankruptcy on 29-Jul-2014

FlyOlympic filed (29-Jul-2014) for bankruptcy on 29-Jul-2014, "after two weeks of trying to find a solution to our financial difficulties." As previously reported by CAPA, FlyOlympic launched weekly services to Asmara, Mogadishu and Stockholm Arlanda from Athens in Jun-2014, using Boeing 767-300ER equipment operated by SkyGreece Airlines. FlyOlympic stated: "The new operation to Africa performed dramatically below all reasonable expectations, and the losses sustained were too great for a company of our size to survive. We had discussed with several investment groups over the last 10 days in a bid to save the company but unfortunately time ran out. All flights are cancelled and all reservations are therefore also cancelled. An administrator will be appointed as soon as possible whom will take over the running of the company." [more - original PR]

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