Airlines Swiss Belair announces insolvency

Belair Airlines has not found a new investor to prevent insolvency. The Swiss airline had to declare insolvency.

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After talks with the investor Belair’s management board had singled out failed, the airline had to declare insolvency in August 2018.

Belair Airlines was last owned by the German investment firm SBC and had planned to secure a new Air Operator's Certificate (AOC) from the Swiss Federal Office of Civil Aviation (FOCA) in time to commence ACMI and charter flights during the current summer season. The necessary capital was to be partly raised by charter contracts booked in April and was supposed to be coupled with funds supplied from external investors. The investor who had been singled out by the board of administrators has pulled out of the talks, thus leaving the airline without the necessary capital to secure its AOC. Apparently one of Belair Airlines’ customers failed to meet due payments further adding to the airline’s financial struggles:

"In view of these developments – following the intensive restart preparation measures taken since the start of the year, the non-payment of the aforementioned customer since late April and the surprising cancellation of the prospective investor – today’s resolution to issue a declaration of insolvency within the week is unavoidable," the board said.

The company has announced to provide as much support as possible within Belair’s capacity to support staff members “for their professional reorientation”, the board added. Belair had retained significant numbers of staff with technical know-how in preparation of its relaunch.

Founded in 1925, Belair was based at Zurich airport with a fleet of 4 aircraft. The airline had ceased flight operations in 2017 working toward the renewal of its AOC.

Source © Belair

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