newstodate.aero

Oct 25, 2023 (newstodate): By the end of this month, the Swedish charter carrier Novair retreats into history, albeit till the end in a strong financial situation with no debts, a sound cash balance, and a secured income till the end of the S'23 schedule.
   However, Novair lost its key contract with tour operator Apollo to the Swedish carrier BRA - that is now applying for protection, preparing for a financial restructuring of the company.
   Seen from the perspective of Novair, this is hardly a surprise..
   -I am extremely sad to see Novair going down because of BRA's inability to do its basic calculations; at the same time I know that many Novair-people share my distress, not least those now forced to seek employment with BRA, says a well-informed source in the industry, granted anonymity.
   -BRA offered seats at prices far below what any gifted business school student could figure out to reach break-even. Novair said so from the start, also predicting BRA's eventual downturn within one or two years.
   -In the event, Novair was wrong: it took only six months for BRA to throw in the towel. And BRA's losses will continue unless Apollo and Ving accept far higher prices, the source concludes.