Air Malta’s restructuring plans reportedly include asking the government for an additional EUR25 million to recapitalise the airline, and it will also require EUR51 million in either bank loans or bonds (ImpactPub, 28-Jun-2011). The EUR25 million would be on top of the EUR52 million “rescue aid” provided to the airline in 2010. The plan also envisages a new focus on freight and a voluntary redundancy scheme that will cost the airline EUR10 million. Total employee numbers will fall to 800 people from 1300, with the redundancies to come from shedding 57 pilots, 53 cabin crew, 21 engineers, 190 at ground operations and 190 office workers.
29-Jun-2011 11:51 AM