3-May-2013 10:09 AM

Estonian Government approves Estonian Air restructuring plan on 02-May-2013

Estonian Air CEO Jan Palmér stated (02-May-2013) the carrier has "started with extensive restructuring process in January and regarding this we have reviewed critically our network and all cost items". He continued, "The results of the first quarter give us confidence of being on a right track with the restructuring– we have succeeded to reduce the loss significantly and at the same time increase revenue with less passengers.” The aim of the restructuring process is to reach sustainability in Estonian Air operations, with Mr Palmér stating: “The current developments in our restructuring progress give us hope that Estonian Air will reach the break-even point in core business on a monthly basis at some point during the summer season. The main objective is to reach profitability by the year 2015". According to Mr Palmér, the detailed restructuring plan of Estonian Air, which is also bases for recapitalising the airline, was forwarded to the shareholders in the end of Apr-2013. The Estonian Government approved the restructuring plan on 02-May-2013. [more - original PR]

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