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Airplanes and economy. Darwin Airline goes bankrupt

Geneva, Switzerland - The announcement yesterday at a workers' meeting

Darwin Airline goes bankrupt: the decision to withdraw the moratorium and declare bankruptcy was announced yesterday during a staff meeting. Because of financial difficulties a request for a concordatory moratorium to find a solution with creditors was filed to the court at the end of November, an act that led to the suspension of the license by the Swiss Federal Office for Civil Aviation with the immediate grounding of all of its planes (see AVIONEWS 1 and 2) and the appointment by the Swiss authorities of Guido Turati as commissioner of the company. According to the local press, the decision to start the bankruptcy procedure was taken after that Turati verified the unavailability of new economic resources and the consequent impossibility to come out of the crisis. Since last July the airline is controlled by the Luxembourg investment fund 4K Invest -which controls the Slovenian Adria Airways- and operates as Adria Airways Switzerland. Unions and local politicians are now worried about the 250 people whose work is linked to the company's activities as well as the future of the Lugano-Agno airport: in November Adria Airways Switzerland announced the discontinuation by the end of the year of the domestic route Lugano-Geneva and of flights to Rome.

AVIONEWS - 1209045
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