Czech Airlines’ extraordinary GM approved the long-term stabilisation plan

The General Meeting of Czech Airlines' shareholders held yesterday confirmed the management plan for the long-term stabilisation of the company, which is a necessary prerequisite for the airline's return to financial success. The General Meeting also approved a reduction in the number of Supervisory Board members, from twelve to six, and in the number of Management Board members, from nine to five.

The long-term stabilisation plan approved yesterday does not plan on selling off assets that are of key importance to the main business of the Airline. The reason for this being that the new management has, by the steps it has taken, regained the trust of the financial sector in the future of our national carrier. It is therefore possible to start financing its operation through standard loans.

"We are getting into a far more comfortable position, where we will not have to divest of a part of our assets that are related to our key business, such as handling or aircraft," said the Chairman of the Management Board and President of Czech Airlines, Miroslav Dvoøák, adding: "We are also not being forced to decide about divesting of other assets, such as duty free or our administrative building, under the pressure of obtaining immediate cash."

The General Meeting also approved a reduction in the number of members of Czech Airlines' supreme bodies. The number of Supervisory Board members was reduced from 12 to 6, and the Management Board will function with five members, instead of the previous nine. This situation is final and will also contribute to the stabilisation of the company.

The new members of the management team attended the General Meeting as its guests - Philippe Moreels (Vice President for Marketing and Sales) and Marek Týbl (the new Vice President for Flight Operations), who has thus far worked at Czech Airlines as the Head of the fleet and the Head Pilot of the ATR fleet.

A meeting of the Czech Airlines Supervisory Board was also held yesterday. At it, the Supervisory Board elected Michal Mejstøík as its chairman, after Miroslav Zámeèník stepped down as the Supervisory Board Chairman. "Nothing changes in the Supervisory Board's support for the Czech Airlines restructuring programme after the personnel changes that were carried out," said Michal Mejstøík.