By John Smith • 02 October 2019 • 15:44
Credit: Sky News
SEPTEMBER was a bad month for ailing airlines as following the demise of Thomas Cook and the rescue of Condor in Germany two more low cost French Airlines are in trouble with one needing €35 million to survive.
France’s second-largest airline, Aigle Azur, was shut down by a court last week after going into Administration and then failing to find anyone to bail it out.
Originally formed in 1946, it operated 13 planes serving a number of European destinations as well as Algeria and employed 1,000 staff across all of its destinations.
The other casualty was XL Airways which cancelled all flights as it too was unable to find the €35 million of financial backing it needed and will almost certainly be declared bankrupt shortly.
The fact is that price wars are affecting the viability of low cost airlines of all types and this trend may see others flounder as well.
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Married to Ophelia in Gibraltar in 1978, John has spent much of his life travelling on security print and minting business and visited every continent except Antarctica.
Having retired several years ago, the couple moved to their house in Estepona and John became a regular news writer for the EWN Media Group taking particular interest in Finance, Gibraltar and Costa del Sol Social Scene.
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