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Orizonia files for four-month bankruptcy protection following CNC delay on Globalia takeover

18-Feb-2013 11:27 AM

Orizonia filed (15-Feb-2013) for four-month bankruptcy protection in Palma de Mallorca to "open a period in which to negotiate with creditors and group investors", following Spain's National Competition Commission's (CNC) decision (13-Feb-2013) to delay approval of its takeover by Globalia, a fellow tour operator and parent company of Air Europa. The CNC said it began the "second phase of analysis" of the proposed takeover, "in view of potential obstacles to the maintenance of effective competition in different markets related to tourism." Orizonia stated it would "temporarily discontinue some of its flights" as a result of the measure, and "extends its sincere apologies to customers who may be affected by these circumstances". Orizonia operates Orbest Orizonia Airlines. [more - original PR - Orizonia - Spanish] [more - original PR - CNC - Spanish]