newstodate.aero
Jan 19, 2009 (newstodate): On January 16, 2009, the Lithuanian carrier flyLAL performed its so far last flight after failing to secure the capital injection needed to secure operations.
The Swiss investment fund SCH Swiss Capital Holdings AG did not fulfill its obligations under the agreement on the sale of 100 percent of flyLAL shares, failing to transfer the agreed amount of funds in due time.
The carrier will next file for bankruptcy if no last-ditch effort to secure fresh capital succeeds within the coming few days.
flyLAL has sued Latvian airline airBaltic and Riga International Airport with a significant claim for unfair competition. The court made a decision to arrest the assets of the mentioned companies, and the financial situation of flyLAL would change substantially if the claim is satisfied.
Neither venue, however, does seem likely to rescue the debt-ridden airline as time is running out.
The Latvian carrier airBaltic is now alone in connecting Lithuania's capital, Vilnius, with two daily flights to Copenhagen, while SAS is closely observing developments in the market pondering a likely return to Lithuania.
The Lithuanian authorities have meanwhile revoked flyLAL's AOC for failing to secure flight safety.
The Swiss investment fund SCH Swiss Capital Holdings AG did not fulfill its obligations under the agreement on the sale of 100 percent of flyLAL shares, failing to transfer the agreed amount of funds in due time.
The carrier will next file for bankruptcy if no last-ditch effort to secure fresh capital succeeds within the coming few days.
flyLAL has sued Latvian airline airBaltic and Riga International Airport with a significant claim for unfair competition. The court made a decision to arrest the assets of the mentioned companies, and the financial situation of flyLAL would change substantially if the claim is satisfied.
Neither venue, however, does seem likely to rescue the debt-ridden airline as time is running out.
The Latvian carrier airBaltic is now alone in connecting Lithuania's capital, Vilnius, with two daily flights to Copenhagen, while SAS is closely observing developments in the market pondering a likely return to Lithuania.
The Lithuanian authorities have meanwhile revoked flyLAL's AOC for failing to secure flight safety.