British Airways and the Rivaud group have won court approval for their take-over of Air Liberté, the French regional carrier forced to seek a rescuer after running out of cash in September.
BA and Rivaud emerged as the winning bidders early in November, but had to wait until the new year for a French commercial tribunal to give its assent to the recovery plan. BA will now invest Fr440 million ($86 million) and take a 67%stake in the airline, while Rivaud injects Fr190 million for another 28%.
The recovery measures, already in place, include promises to keep 1,249 jobs and 13 aircraft. The fleet consists of three long-haul McDonnell Douglas DC-10s, seven MD-83s and three Boeing 737s, but the aim is to have only one medium-haul type by the end of 1997. Marc Rochet, head of BA's partner TAT European Airways , is confirmed as chairman.
Source: Flight International
