22-Nov-2011 10:22 AM

Astraeus confirms bankruptcy

Astraeus Airlines, a UK charter and wet-lease carrier, announced (21-Nov-2011) it has ceased operations immediately. The board confirmed plans to submit an application for the appointment of administrators today. CEO Hugh Parry said the company's collapse was due to "lower-than-expected levels of business during the summer of 2011, a lack of contracts for winter 2011/12, and some extremely bad luck with a number of technical issues". Astraeus is a wholly-owned subsidiary of Eignarhaldsfelagid Fengur HF. [more - original PR]