newstodate.aero
Jul 27, 2012 (newstodate): Lofty ambitions, hectic expansion and aggressive PR did not make a miracle in Polish aviation: OLT Express Poland has stopped all flights and activities as from today.
Three years of operating losses eventually emptied the purse of its owner since August 2011, when OLT was bought by the Polish building society Amber Gold.
AmberGold also bought Polish regional carrier Jet Air and the Polish charter airline Yes Airways and merged the three carriers into OLT Express.
The AmberGold Group was also to sign a deal for the acquisition of Contact Air by September 2012.
Before the announcement on suspension of flights, OLT Express had settled for providing flights on 51 routes from five bases in Poland, offering 183 weekly flights, in the coming winter schedule.
With the collapse of OLT Express Poland, EuroLOT is now expected to step in to take over the more profitable of the carrier's network.
Three years of operating losses eventually emptied the purse of its owner since August 2011, when OLT was bought by the Polish building society Amber Gold.
AmberGold also bought Polish regional carrier Jet Air and the Polish charter airline Yes Airways and merged the three carriers into OLT Express.
The AmberGold Group was also to sign a deal for the acquisition of Contact Air by September 2012.
Before the announcement on suspension of flights, OLT Express had settled for providing flights on 51 routes from five bases in Poland, offering 183 weekly flights, in the coming winter schedule.
With the collapse of OLT Express Poland, EuroLOT is now expected to step in to take over the more profitable of the carrier's network.