Air Caledonie management stated the carrier is facing bankruptcy due to local protests over fare increases by the carrier (AFP/The Age, 05-Aug-2011). Air Caledonia human resources manager Olivier Testmalle stated the crisis was costing Air Caledonie more than EUR80,000 per day with disruptions also affecting the islands' tourism sector in the peak holiday season. "There is a clear risk of bankruptcy. There is no more cash coming in and we could find ourselves insolvent within a month," Mr Testemalle said.
Air Caledonie facing bankruptcy amid local protests over fare increases
8-Aug-2011 11:53 AM