The new owners of AOM-Air Liberte have been thrashing out a restructuring plan for the loss-making carrier as Swissair makes what it describes as an "orderly withdrawal" from its airline participations in France.
In late July, the French Commercial Court approved an offer for the future of the carrier from the Holco Group, which it chose over 15 other bidders, to allow it to escape the threat of liquidation. To ensure its exit from AOM-Air Liberte, 49.5% shareholder Swissair agreed to inject Fr1.3 billion ($175 million) in stages into the airline.
Holco, which is seeking a further Fr500-800 million to sustain its restructing plan, has an intriguing make-up. It is headed up by Jean-Charles Corbet, a former Air France pilot and representative of the SNPL pilots union, and backed by Canadian bank CIBC. Corbet has brought in former Air France cargo chief Francois Bachelet as chief executive. CIBChas invested Fr80 million in Holco, while Fr150 million comes from the airline's pilots in the form of salary cuts in exchange for shares.
The restructuring will include some 1,400 redundancies out of the airline's 4,500-strong workforce and a radical trimming of its network.
Source: Airline Business
