newstodate.aero
Nov 07, 2011 (newstodate): The issue of ownership of Atlantic Airways, the carrier of the Faroe Islands, has unexpectedly been brought to the fore again.
Originally set up by the Faroese state in cooperation with the now-defunct carrier Maersk Air in 1987, the ownership was fully taken over by the Faroese state in 1989.
In 2007 the state launched a privatization drive of the carrier, selling one-third of the shares and planning to divest of a further one-third in a later tender in 2008, which was however cancelled as the economic crisis struck.
Now the issue has been brought up again as the Faroese Minister of Industry said in a debate in The Faroese Broadcasting that the Government had decided to buy back the privately-held shares in Atlantic Airways.
Urged by the carrier to clarify this issue, the ministry has now backed down somewhat, saying that it wants to clarify how a possible buy back of the privately held shares in Atlantic Airways could be materialized in a controlled way if the government should decide to do so.
Originally set up by the Faroese state in cooperation with the now-defunct carrier Maersk Air in 1987, the ownership was fully taken over by the Faroese state in 1989.
In 2007 the state launched a privatization drive of the carrier, selling one-third of the shares and planning to divest of a further one-third in a later tender in 2008, which was however cancelled as the economic crisis struck.
Now the issue has been brought up again as the Faroese Minister of Industry said in a debate in The Faroese Broadcasting that the Government had decided to buy back the privately-held shares in Atlantic Airways.
Urged by the carrier to clarify this issue, the ministry has now backed down somewhat, saying that it wants to clarify how a possible buy back of the privately held shares in Atlantic Airways could be materialized in a controlled way if the government should decide to do so.