Switzerland PrivatAir Files for Insolvency - Placed an Order for five CSeries, now Airbus A220-100s, and Options for an Additional five...
41 years after it was established
December 7, 2018 - by by Cathy Buyck for AINonline
(Sylvain Faust Note: to be expected to make Airbus/Bombardier happy to resell at a higher price those delivery slots and to keep the down payment)
Following months of rumors about its financial difficulties, Swiss business aviation group and ACMI provider PrivatAir announced on Wednesday it filed for insolvency 41 years after it was established. Both PrivatAir SA in Switzerland and its subsidiary PrivatAir GmbH in Germany commenced insolvency proceedings.
"Over the past few weeks, a number of events have had a significant impact on the companies' future business forecast and viability, which forced the companies to file for insolvency," PrivatAir said in a short statement on its website. It did not give details about what the events entail, but Germany's civil aviation authority Luftfahrt-Bundesamt revoked PrivatAir Germany's license at the end of October. The German carrier's two Boeing BBJs have been stored since.
Placed an order with Bombardier for five CSeries CS100s, now Airbus A220-100s, and options for an additional five that it intended to fit with an all-business class configuration.