French airline Aigle Azur to seek bankruptcy protection
September 2, 2019
France’s second-largest airline Aigle Azur plans to file for bankruptcy protection Monday and will seek a buyer after years of losing millions of euros, members of the company’s works council said.
The move comes after a shareholder coup ousted chief executive Frantz Yvelin last week, accusing him of making “strategic mistakes over the past two years.”
Destinations in Algeria make up half of Aigle Azur’s operations, and the company posted revenues of 300 million euros ($329 million) last year after transporting some 1.9 million passengers.