Airlines PrivatAir files for insolvency

  • Private Air

Swiss PrivatAir SA has announced, that it has to file for insolvency. German subsidiary PrivatAir GmbH has also filed for insolvency.

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In a press release, the company stated that both the Swiss and the German PrivatAir had to file for insolvency.

The carrier wrote: “over the past few weeks, a number of events have had a significant impact on the companies’ future business forecast and viability, which forced the companies to file for insolvency."

Back in October 2018, a Genevan court ordered PrivatAir to file for insolvency, as the carrier did not met an invoice from one of its suppliers. However, both the carrier and the court labelled this decision as administrative mistake.

After that however, the German subsidiary lost its air operators certificate for Germany. PrivatAir regularly flew VIP routes on behalf of Lufthansa. In summer 2018, the airline stopped flying for the biggest German carrier. Over the course of the mistake by the court, PrivatAir then said that it is in negotiations with Lufthansa to resume operations in early 2019.

The official statement to file for insolvency now confirms, that the carrier will not take-off in the future. Lastly, PrivatAir operated the route Frankfurt – Pune for Lufthansa until June 2018.

PrivatAir was founded in 1977 as Petrolair. Back then, PrivatAir was the airline of Greek banker Spiros Latsis. In 1995, the carrier commenced operations under the new PrivatAir brand. Soon, PrivatAir was known for VIP wet-lease operations. Then in October 2016, investment firm Silver Arrow Capital took over 51 percent of the airline.

At this point, PrivatAir employs 226 staff in Switzerland, Germany and Portugal. 65 crew members are working for the company via an external contracting entity for its operations in the Middle East.

"It will remain known as a truly unique company built by amazing people who showed extreme dedication to their work and unmatched service levels, and proved many times that the impossible in aviation could be made possible," the carrier concluded.

Source © privatair.com

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