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10/10/2001
Aer Lingus staff told of serious threat to company
Aer Lingus management have sent a letter to staff indicating that the company’s viability is under the most serious threat ever encountered.
The Chief Executive of Aer Lingus, Larry Stanley, told staff that the losses faced by the company were “truly staggering”. He admitted that the company had been facing severe problems, but that the fall off in business traffic had had a severe impact on the most profitable part of the business.
Mr Stanley said that the survival plan under consideration would entail a cutback of IR£130 million a year and confirmed that it could mean the loss of 2,500 jobs – around one third of the company’s current workforce.
Many European airlines including British Airways have announced crisis measurers such as the curtailing of flight schedules, redundancies, and pay cuts for staff. However, fears are growing that airlines will be forced to make further cutbacks on services following the EU Commission’s stance on fair competition.
After a week’s deliberation the Commission decided that, despite the plight of the industry, under EU fair competition legislation national governments would continue to be prevented from supplying airlines with substantial financial aid packages.
The Commission’s report painted a bleak picture for the short term prospects of the industry, which is facing losses of around £3 billion by the end of the year, and estimated insurance premium increases to be in the region of £100 million a year.
With the financial survival of Aer Lingus, which is reported to be losing up to IR£2 million a day, at stake, union leaders have called on the Irish government to apply pressure on the EU to permit state aid for the troubled airline.
While many national governments stepped in to help when airlines experienced difficulties with insurance guarantees for aircraft, under EU legislation they cannot legally do the same to help with running costs. The only exception may be a limited amount of compensation for the brief period when US air space was closed.
European Ministers will have to wait until next Tuesday before a case can be put to the next meeting of the EU transport committee. (SP)
The Chief Executive of Aer Lingus, Larry Stanley, told staff that the losses faced by the company were “truly staggering”. He admitted that the company had been facing severe problems, but that the fall off in business traffic had had a severe impact on the most profitable part of the business.
Mr Stanley said that the survival plan under consideration would entail a cutback of IR£130 million a year and confirmed that it could mean the loss of 2,500 jobs – around one third of the company’s current workforce.
Many European airlines including British Airways have announced crisis measurers such as the curtailing of flight schedules, redundancies, and pay cuts for staff. However, fears are growing that airlines will be forced to make further cutbacks on services following the EU Commission’s stance on fair competition.
After a week’s deliberation the Commission decided that, despite the plight of the industry, under EU fair competition legislation national governments would continue to be prevented from supplying airlines with substantial financial aid packages.
The Commission’s report painted a bleak picture for the short term prospects of the industry, which is facing losses of around £3 billion by the end of the year, and estimated insurance premium increases to be in the region of £100 million a year.
With the financial survival of Aer Lingus, which is reported to be losing up to IR£2 million a day, at stake, union leaders have called on the Irish government to apply pressure on the EU to permit state aid for the troubled airline.
While many national governments stepped in to help when airlines experienced difficulties with insurance guarantees for aircraft, under EU legislation they cannot legally do the same to help with running costs. The only exception may be a limited amount of compensation for the brief period when US air space was closed.
European Ministers will have to wait until next Tuesday before a case can be put to the next meeting of the EU transport committee. (SP)
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09 October 2001
Aer Lingus board meets to discuss rescue plan
The board of Aer Lingus was to meet on Tuesday to discuss the options for a rescue package for the beleaguered Irish airline. It is understood that high on the agenda for the October 9 meeting was the axing of hundreds of jobs, but there were hopes that the Irish government may be prepared to step in with an aid package.
Aer Lingus board meets to discuss rescue plan
The board of Aer Lingus was to meet on Tuesday to discuss the options for a rescue package for the beleaguered Irish airline. It is understood that high on the agenda for the October 9 meeting was the axing of hundreds of jobs, but there were hopes that the Irish government may be prepared to step in with an aid package.
31 August 2010
Examiner Appointed To Aer Arann
The High Court has appointed an Examiner for troubled airline, Aer Arann. Aer Arann said it intends to operate normally during the period of examinership and intends to fly all Aer Arann services and all Aer Lingus Regional services operated under the airline’s franchise agreement with Aer Lingus.
Examiner Appointed To Aer Arann
The High Court has appointed an Examiner for troubled airline, Aer Arann. Aer Arann said it intends to operate normally during the period of examinership and intends to fly all Aer Arann services and all Aer Lingus Regional services operated under the airline’s franchise agreement with Aer Lingus.
18 October 2011
Etihad To Buy Govt Aer Lingus Stake?
Talks are reportedly underway between the Irish Government and a Middle Eastern airline, which have expressed interest in the Governments 25% stake in Aer Lingus. According to the Financial Times, a meeting between James Hogan,the Chief Executive of Etihad and Taoiseach Enda Kenny,at an investment conference in Dublin, sparked interest.
Etihad To Buy Govt Aer Lingus Stake?
Talks are reportedly underway between the Irish Government and a Middle Eastern airline, which have expressed interest in the Governments 25% stake in Aer Lingus. According to the Financial Times, a meeting between James Hogan,the Chief Executive of Etihad and Taoiseach Enda Kenny,at an investment conference in Dublin, sparked interest.
29 November 2001
Irish airport sector hit by further redundancies
It is thought that over 200 jobs are under threat at Dublin Airport following reports that Servisair has issued protective redundancy notices to workers at the site.
Irish airport sector hit by further redundancies
It is thought that over 200 jobs are under threat at Dublin Airport following reports that Servisair has issued protective redundancy notices to workers at the site.
01 December 2008
Ryanair Flies Into Takeover Turbulence
There's a multi-million euro bid for Aer Lingus on the table today as budget airline Ryanair makes a fresh takeover offer. The all-cash offer would value Aer Lingus at €748m euros (£619m) a lot less than the previous offer for Aer Lingus, which valued it at €1.5 billion.
Ryanair Flies Into Takeover Turbulence
There's a multi-million euro bid for Aer Lingus on the table today as budget airline Ryanair makes a fresh takeover offer. The all-cash offer would value Aer Lingus at €748m euros (£619m) a lot less than the previous offer for Aer Lingus, which valued it at €1.5 billion.
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Northern Ireland WeatherToday:A showery start with outbreaks most frequent north of Lough Neagh and through the morning, before dwindling during the afternoon as the northwest breezes ease and brighter spells of weak sunshine prosper. Maximum temperature 8 °C.Tonight:A dry night, save for a few light showers around the coasts, with prolonged clear spells and light winds bringing a frosty dawn for many in central and southern parts. Minimum temperature -3 °C.
