newstodate.aero
Feb 3, 2009 (newstodate): Estonia will now have to consider the long-term future for its troubled carrier Estonian Air.
Late in 2008, SAS granted a short-term loan to Estonian Air to secure its continued operations on the brink of bankruptcy, and while Estonia had earlier declared that it would not sell its majority share in the carrier, negotiations with SAS were eventually conducted.
As part of its crisis strategy, Core SAS, it has now been confirmed that SAS will divest itself of its 49 percent minority stake in Estonian Air, and the debt-ridden carrier will now have to find ways to its survival in a depressed market.
Latvia's airBaltic has announced a management buy-out of SAS' stake, while Lithuania's flyLAL went out of business before Christmas 2008.
Late in 2008, SAS granted a short-term loan to Estonian Air to secure its continued operations on the brink of bankruptcy, and while Estonia had earlier declared that it would not sell its majority share in the carrier, negotiations with SAS were eventually conducted.
As part of its crisis strategy, Core SAS, it has now been confirmed that SAS will divest itself of its 49 percent minority stake in Estonian Air, and the debt-ridden carrier will now have to find ways to its survival in a depressed market.
Latvia's airBaltic has announced a management buy-out of SAS' stake, while Lithuania's flyLAL went out of business before Christmas 2008.