The assets of the insolvent members' airline Club Airways have been acquired by a private Swiss national, and services are set to resume this month under the brand of Club Airways International (The Club). The new owner has received a secured loan of SFr200,000 ($162,000) from UK investment firm Magna Investment to provide working capital for the operation.
Magna, meanwhile, has exercised an option to acquire The Club before 30 May 2006 in a reverse takeover, subject to due diligence, shareholder approval and fulfilling the conditions of the Alternative Investment Market of the London stock exchange. The Club will initially offer scheduled services from its Geneva base to Paris Le Bourget and it plans to have a regular Monday-to-Friday and Sunday-morning service between the two cities by September. It also plans to offer members on-demand charters from Geneva to Nice, southern France and Olbia, Sardinia. The company says it is establishing long-term contracts with Swiss business aircraft operators.
KATE SARSFIELD/LONDON
Source: Flight International
