• croatiantimes.com
• romaniantimes.at
• salzburgtimes.at
• viennatimes.at
• austrianindependent.com

Today

• Vienna - VESCC English Catholic Mass
• Vienna - Unknown Underground
• Vienna - Cats
• Vienna - Andy Warhol
• Vienna - Laser Tag

12. 03. 10. - 15:00

• more Business news
• RSS Feed Business

12. 03. 10. - 15:00

Salzburg flight school is bankrupt

Salzburg flight school Flight Track Trainings GmbH entered bankruptcy proceedings today (Fri), the Alpine Land Creditors Association (AKV) reported.

AKV said the firm had debts of around two million Euros. The school said the reason for its bankruptcy had been big customers’ refusal to spend money on training in 2009.

The school’s main customers were Austrian Airlines (AUA) and Tyrolean Airways, which broke their agreement with the school in 2009 because of the recession, according to the media. The school then unsuccessfully sought to attract private students.

Former school customer AUA failed to get back in the black last year as turnover and passenger numbers dropped.

Company co-chiefs Peter Malanik and Andreas Bierwirth said earlier this week that the plan was to continue the ongoing cost-cutting regime in order to get back in the black next year.

They announced turnover had shrunk by 20.3 per cent year on year to 1.96 billion Euros, adding that AUA had had 9.9 million passengers in 2009 – around ten per cent fewer than in the previous year. The co-chiefs also said that AUA had suffered losses before interest and taxes (Ebit) of 93.8 million Euros in 2009.

AUA, founded in 1957, was taken over by Germany’s Lufthansa last September in a deal which, according to many analysts, rescued the Vienna-based firm from bankruptcy.

The Austrian government – formed by a coalition of Social Democrats (SPÖ) and the People’s Party (ÖVP) – decided to bolster AUA with 500 million Euros of taxpayers’ money to ensure Lufthansa took over the ailing firm.

This move was harshly criticised by AUA rivals such as FlyNiki which claimed it would distort competition in the European aviation market.

Austrian Times

Related articles: EU

1. Pecik defends TA engagement

   » Business 2012-05-24

   Telekom Austria (TA) investor Ronny Pecik has declared himself a team player.

2. IV demands focus on industry in crisis

   » Business 2012-05-24

   The general secretary of the Federation of Austrian Industries (IV) has appealed on Europe’s political leaders to strengthen the continent’s industry.

3. FW turnover takes off

   » Business 2012-05-24

   Austria’s biggest airport has managed to increase its profit.

more related articles tagged "EU"

Related articles: crisis

1. Coalition accelerates anti-corruption ambitions

   » General News 2012-05-24

   The government is intensifying its attempts to pass a transparency package in parliament.

2. Pecik defends TA engagement

   » Business 2012-05-24

   Telekom Austria (TA) investor Ronny Pecik has declared himself a team player.

3. IV demands focus on industry in crisis

   » Business 2012-05-24

   The general secretary of the Federation of Austrian Industries (IV) has appealed on Europe’s political leaders to strengthen the continent’s industry.

more related articles tagged "crisis"

Related articles: AUA

1. FW turnover takes off

   » Business 2012-05-24

   Austria’s biggest airport has managed to increase its profit.

2. AUA rules out Whitsun travel chaos

   » Business 2012-05-23

   The current conflict with the works committee does not negatively affect Austrian Airlines’ (AUA) booking figures, according to a spokesman.

3. Ambühl at the ready for AUA affiliate

   » Business 2012-05-22

   Gaudenz Ambühl has been named new head of Austrian Airlines (AUA) Group member Tyrolean Airways.

more related articles tagged "AUA"

Turks flattened by lone asylum seeker
A furious Nigerian went on the rampage at a refuge for asylum seekers in Leibnitz, attacking several people and damaging property.

Woman bites toddler
A woman who bit a two-year-old tot during a road rage row with her mother is being quizzed by police in Wiener Neustadt, Austria.

New Dany Boon comedy to be filmed in Austria
The French film star Dany Boon, one of the highest paid actors in Europe after his hit film "Welcome to the Sticks", is filming in Salzburg.

China meets Hallstatt
After a long time of speculation and anticipation the exact copy of Austrian world heritage village of Hallstatt-Dachstein in China will be unveiled, and there will be real-life Austrians present for the ceremony.

Skier in court after accident
A man from Graz is in court today accused of having inflicted negligent injury upon a five-year-old when skiing in Carinthia last year.

Two fires in Ottakring claim one life
Two fires started on Thursday evening in the Vienna district of Ottakring, one of which claimed a man’s life. Several people were evacuated as a result of the two blazes.

Cows zapped to death by lightning
Four cows were zapped to death after a lightning strike hit the barbed wire fence they were leaning on in Reith im Alpbachtal, Austria.

Wolf babies born in Schönbrunn
These cuddly Artic wolf cubs have got every right to look a bit frosty - after they emerged into the world for the first time in the middle of a 27 degree heatwave.

Cleaned Out
A Hungarian cleaning woman who stole tens of thousands of pounds worth of antique jewellery from an Austrian Countess and then sold it for "pocket money" unaware of its real value has been jailed by a court in Austria.

Great expectations for summer tourism season in Vorarlberg
The Vorarlberg tourism industry is currently riding high after a record breaking winter season, and the summer season is expected to follow that same trend.

Jobs in Austria