Aigle Azur to file for bankruptcy

posted on 2nd September 2019 by Justin Burns
Aigle Azur to file for bankruptcy

French airline Aigle Azur is to file for bankruptcy and enter into receivership due to a recent dispute between shareholders that resulted in “distrust and a deteriorating social climate”.

The airline said it is also facing financial difficulties, but added its aircraft will continue to fly in the meantime, and passengers will not be affected.

Aigle Azur is now looking to sell a full, or partial stake to potential buyers, following a six to eight week period.

Aigle Azur, headed by CEO Frantz Yvetin, is back in control following a coup by minority shareholder Gerard Hua. Yvetin is supported by China’s HNA Group, who holds a 49 per cent stake, along with David Neeleman, who holds a 32 per cent stake.

The carrier is based at Paris Orly Airport and flies a fleet of 11 Airbus aircraft to domestic and international destinations.