CHRISTINA MACKENZIE / PARIS
Carrier, in receivership since 21 August, claims "business as usual" until buyer is found
Potential investors in French regional airline Air Littoral, which went into receivership on 21 August, have until 15 September to register with a court in Montpellier. So far only US investment group Wexford Capital, which has been talking to the airline for two years, is interested in buying 100% of its capital, in partnership with as- yet unnamed European partners.
Air Littoral says Wexford, with interests in US regionals Frontier Airlines and Chatauqua Airlines, would maintain the French carrier's hubs at Montpellier and Nice and retain its route network.
Air Littoral went into receivership to enable the French government to recoup some of the €60 million ($65 million) it is owed, due largely to the demise of shareholder Swissair in 2001 (Flight International, 26 August-1 September).
The company is under court observation for six months but says it will be "business as usual" during this period, adding that since 21 August all its flights have been operated with "highly satisfactory" passenger load factors ranging from 69% to 76%. It says "this is a clear sign to potential investors, reflecting Air Littoral's determination to move forward".
Air Littoral, founded in 1972, carried 1.3 million passengers last year on its 32 aircraft. The airline had a turnover of €180 million, but lost €42 million. However, it says it is well on its way to a "tangible economic recovery" by opening routes to north Africa and strengthening its presence in Spain and Italy.
Source: Flight International
