newstodate.aero
Aug 27, 2020 (newstodate): The Czech Smartwings Group comprising the airlines Smartwings and CSA has filed a motion to declare an extraordinary moratorium allowing for the postponement of debts to alleviate the effects of the coronavirus pandemic.
Both airlines continue their flight operations as planned but the Group is buying time to go through a reorganization process and to seek new solutions with shareholders to its financial problems.
Since 2015, Smartwings has been owned 49.9 percent by the Chinese state-owned company CITIC that is known to be keen to divest of its stake while still expecting a profit from its investment - which given the current depressed situations is hard to secure.
Both airlines continue their flight operations as planned but the Group is buying time to go through a reorganization process and to seek new solutions with shareholders to its financial problems.
Since 2015, Smartwings has been owned 49.9 percent by the Chinese state-owned company CITIC that is known to be keen to divest of its stake while still expecting a profit from its investment - which given the current depressed situations is hard to secure.