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View Full Version : Olympic Airlines to be shut down


Midnight Mike
2008-09-16, 08:20 AM
Sept. 16 (Reuters) - The European Union is set to give its green light for the closure of Greek carrier Olympic Airlines and will fine it 800 million euros ($1.12 billion) for illegal state aid, daily Imerisia reported on Tuesday.

The EU Commission will meet this week to approve a Greek government plan to shut down the ailing airline and transfer its assets to a new entity called Pantheon, the newspaper said without citing sources.

The EU will fine Olympic over illegal state aid during 2005-2007, after competitors Ryanair (RYA.I: Quote, Profile, Research, Stock Buzz) and Aegean claimed the government was continuing to provide assistance in breach of EU state aid rules, it said.

http://www.reuters.com/article/marketsN ... 916?rpc=44 (http://www.reuters.com/article/marketsNews/idINLG43422020080916?rpc=44)
Delta777LR
2008-09-16, 10:06 AM
oh boy that doesnt sound good... Add another airline out of JFK this year
lijk604
2008-09-16, 12:38 PM
Another one bites the dust. :roll:
Matt Molnar
2008-09-16, 12:46 PM
Wow, didn't see that coming. At least there's a plan, though, unlike the Alitalia debacle.
Ari707
2008-09-16, 02:11 PM
sounds like to me one day it will be olympic and the next day Pantheon, same planes new name, though they could use some new planes too that has to be some of the oldest A340's around
SengaB
2008-09-16, 03:06 PM
It will be sad to see one of the last remaning classic and decent liveries disapear. I't never got dull seeing OAL on approach to JFK.

Sengaa
Jetinder
2008-09-16, 03:34 PM
These guys are toppeling like dominos :(
Lezam
2008-09-16, 06:19 PM
Wow, its great you guys told me not to go with olympic a few months ago. I would have been screwed out of a grand!
T-Bird76
2008-09-16, 07:43 PM
Hmmmm Doesn't sound like they are ceasing flying but simply turning over the assets to this new company which will carry the Olympic name. This is prob the only way to create a new business model.
727C47
2008-09-18, 07:48 AM
It will be sad to see one of the last remaning classic and decent liveries disapear. I't never got dull seeing OAL on approach to JFK.

Sengaa
me too, that livery is straight off its 707s in the 60s and 70s.
SengaB
2008-09-18, 11:25 PM
Thats true 727C47. Its pain to shoot though!..Those thin lines are like Jaggie-Hell.

Senga