Olympic protected from creditors
Sep 25th 2005 | 5:19 am
#1
Guest
Posts: n/a
Olympic protected from creditors
Olympic protected from creditors
Olympic Air's future ownership is in doubt
The Greek Parliament has passed a law protecting troubled Olympic
Airlines from its creditors as the government seeks to privatise the
firm.
Efforts to sell the firm have been endangered by a European Commission
ruling that Olympic must repay up to 540m euros (£364m) in state aid.
The new law is designed to give Olympic breathing space while Athens
tries to conclude a deal over its future.
The government has insisted it will not let the loss-making carrier
collapse.
Securing assets
Despite being heavily subsidised, Olympic has continued to struggle and
the Greek government said earlier this month that the firm could not
continue in its current form.
An outline agreement has been reached to sell the airline to a
consortium of Greek and US investors, but the state aid ruling
threatens to scupper the deal.
We have discussed various alternative solutions
Finance minister George Alogoskoufis
The government is appealing against the Commission's ruling which
stated that financial support given to the airline since 2002 was
unfair.
The legislation - supported by Greece's two largest political parties -
will shield the airline from creditors until February, by which point
it should be clear whether the sell-off can go ahead.
"This measure is to secure Olympic Airlines' operation and protect its
assets until it is established whether the current privatisation
process can continue," the legislation stated.
Alternative solutions
Olympic is Greece's largest airline and plays a key economic role in
providing links to many of the country's outlying islands.
The government has stressed that it has a fall-back plan for Olympic
should the privatisation bid fall through.
This is thought to include some form of public-private partnership,
with the state potentially retaining a stake in the business.
"Should we feel that proposals made by the interested parties are not
satisfactory, we have discussed various alternative solutions," finance
minister George Alogoskoufis said.
The airline is costing Greek taxpayers 1.5m euros a day to operate.
Olympic Air's future ownership is in doubt
The Greek Parliament has passed a law protecting troubled Olympic
Airlines from its creditors as the government seeks to privatise the
firm.
Efforts to sell the firm have been endangered by a European Commission
ruling that Olympic must repay up to 540m euros (£364m) in state aid.
The new law is designed to give Olympic breathing space while Athens
tries to conclude a deal over its future.
The government has insisted it will not let the loss-making carrier
collapse.
Securing assets
Despite being heavily subsidised, Olympic has continued to struggle and
the Greek government said earlier this month that the firm could not
continue in its current form.
An outline agreement has been reached to sell the airline to a
consortium of Greek and US investors, but the state aid ruling
threatens to scupper the deal.
We have discussed various alternative solutions
Finance minister George Alogoskoufis
The government is appealing against the Commission's ruling which
stated that financial support given to the airline since 2002 was
unfair.
The legislation - supported by Greece's two largest political parties -
will shield the airline from creditors until February, by which point
it should be clear whether the sell-off can go ahead.
"This measure is to secure Olympic Airlines' operation and protect its
assets until it is established whether the current privatisation
process can continue," the legislation stated.
Alternative solutions
Olympic is Greece's largest airline and plays a key economic role in
providing links to many of the country's outlying islands.
The government has stressed that it has a fall-back plan for Olympic
should the privatisation bid fall through.
This is thought to include some form of public-private partnership,
with the state potentially retaining a stake in the business.
"Should we feel that proposals made by the interested parties are not
satisfactory, we have discussed various alternative solutions," finance
minister George Alogoskoufis said.
The airline is costing Greek taxpayers 1.5m euros a day to operate.
Sep 25th 2005 | 7:28 am
#2
Guest
Posts: n/a
Re: Olympic protected from creditors
Oh you've been catching up with your reading, haven't you?
Now we all benefit from it..How happy we are !
<[email protected]> a écrit dans le message de news:
[email protected]. com...
Olympic protected from creditors
Olympic Air's future ownership is in doubt
The Greek Parliament has passed a law protecting troubled Olympic
Airlines from its creditors as the government seeks to privatise the
firm.
Efforts to sell the firm have been endangered by a European Commission
ruling that Olympic must repay up to 540m euros (£364m) in state aid.
The new law is designed to give Olympic breathing space while Athens
tries to conclude a deal over its future.
The government has insisted it will not let the loss-making carrier
collapse.
Securing assets
Despite being heavily subsidised, Olympic has continued to struggle and
the Greek government said earlier this month that the firm could not
continue in its current form.
An outline agreement has been reached to sell the airline to a
consortium of Greek and US investors, but the state aid ruling
threatens to scupper the deal.
We have discussed various alternative solutions
Finance minister George Alogoskoufis
The government is appealing against the Commission's ruling which
stated that financial support given to the airline since 2002 was
unfair.
The legislation - supported by Greece's two largest political parties -
will shield the airline from creditors until February, by which point
it should be clear whether the sell-off can go ahead.
"This measure is to secure Olympic Airlines' operation and protect its
assets until it is established whether the current privatisation
process can continue," the legislation stated.
Alternative solutions
Olympic is Greece's largest airline and plays a key economic role in
providing links to many of the country's outlying islands.
The government has stressed that it has a fall-back plan for Olympic
should the privatisation bid fall through.
This is thought to include some form of public-private partnership,
with the state potentially retaining a stake in the business.
"Should we feel that proposals made by the interested parties are not
satisfactory, we have discussed various alternative solutions," finance
minister George Alogoskoufis said.
The airline is costing Greek taxpayers 1.5m euros a day to operate.
Now we all benefit from it..How happy we are !
<[email protected]> a écrit dans le message de news:
[email protected]. com...
Olympic protected from creditors
Olympic Air's future ownership is in doubt
The Greek Parliament has passed a law protecting troubled Olympic
Airlines from its creditors as the government seeks to privatise the
firm.
Efforts to sell the firm have been endangered by a European Commission
ruling that Olympic must repay up to 540m euros (£364m) in state aid.
The new law is designed to give Olympic breathing space while Athens
tries to conclude a deal over its future.
The government has insisted it will not let the loss-making carrier
collapse.
Securing assets
Despite being heavily subsidised, Olympic has continued to struggle and
the Greek government said earlier this month that the firm could not
continue in its current form.
An outline agreement has been reached to sell the airline to a
consortium of Greek and US investors, but the state aid ruling
threatens to scupper the deal.
We have discussed various alternative solutions
Finance minister George Alogoskoufis
The government is appealing against the Commission's ruling which
stated that financial support given to the airline since 2002 was
unfair.
The legislation - supported by Greece's two largest political parties -
will shield the airline from creditors until February, by which point
it should be clear whether the sell-off can go ahead.
"This measure is to secure Olympic Airlines' operation and protect its
assets until it is established whether the current privatisation
process can continue," the legislation stated.
Alternative solutions
Olympic is Greece's largest airline and plays a key economic role in
providing links to many of the country's outlying islands.
The government has stressed that it has a fall-back plan for Olympic
should the privatisation bid fall through.
This is thought to include some form of public-private partnership,
with the state potentially retaining a stake in the business.
"Should we feel that proposals made by the interested parties are not
satisfactory, we have discussed various alternative solutions," finance
minister George Alogoskoufis said.
The airline is costing Greek taxpayers 1.5m euros a day to operate.
