Austrian Times RSS FeedsLike the Austrian Times Facebook page!Follow us on Twitter!


Events for October
M T W T F S S
29 30 1 2 3 4 5
6 7 8 9 10 11 12
13 14 15 16 17 18 19
20 21 22 23 24 25 26
27 28 29 30 31 1 2
Add your event FREE

Today

Videos


BurgKino

Pub Quiz everyTuesday at Johnny's Pub

Popular in Austria


Cosmo&Nanu

Airline struck down by double whammy bankruptcy

A regional carrier has gone bust for a second time.

The Creditors’ Protection Association of 1870 (KSV) announced yesterday (Tues) that Graz-based airline Robin Hood Aviation GmbH (Robin Hood) asked a court to start insolvency procedures. It is unclear whether judges will give the green light to regulated bankruptcy proceedings. Their decision will depend on the value of the struggling airline’s assets and its debts. There is no confirmed information considering these facts. However, it is alleged that Robin Hood has debts of 400,000 Euros and funds of only 54,000 Euros. There are currently no scheduled Robin Hood flights.

The aviation company was founded six years ago. It kept operating after going through insolvency procedures in March 2010. Bosses refused to comment on news of another bankruptcy today. Reports have it that the firm cites the European debt and cash crisis and a difficult economic environment for its poor performance in recent months.

Robin Hood flew from Graz Airport (GRZ) to Zurich Airport (ZRH) in Switzerland and Linz Airport (LNZ) in the Austrian province of Upper Austria. The airline does not own the two planes it used to offer the services. A firm close to Robin Hood owned the aircraft and provided them to the company to do business. Online business newspaper Austrian Aviation Net claimed earlier this month that a Graz court would hold a compulsory auction of the Saab 340 aircraft at GRZ in September. Robin Hood officials said the report was wrong. The airline’s website has disappeared from the internet in the meantime. Customers interested in the firm’s services find nothing but a note about the insolvency proceedings.

Robin Hood was established by Georg Pommer who also acted as executive manager of Styrian Airways, a carrier which went bust in 2006 when Pommer was not with the company anymore. Pommer managed an airline called Fairline between 2003 and 2004. He disclosed plans to set up a carrier called Greenline last month. The airline will focus on eco-conscious flying, according to the businessman who remained tight-lipped about an envisaged launch and destinations.

News that Robin Hood declared bankruptcy for a second time within one and a half years comes shortly after a Lufthansa manager ruled out that Austrian Airlines (AUA) would achieve a turnaround this year.

The German carrier, which acquired a majority interest in AUA in September 2009, wanted the firm to be back in the black by the end of 2011. AUA sustained a loss of 63 million Euros between January and June. Lufthansa Group supervisory board chief Stefan Lauer told Austrian business press at Vienna International Airport (VIA or VIE) on Tuesday that AUA would not meet this target. The businessman stressed he was convinced AUA would become profitable in the foreseeable future. Asked whether it was true that Lufthansa had intentions to cut back on its activities at VIA in favour of arrivals and departures at Franz Josef Strauss International Airport (MUC) near Munich, Germany, Lauer said: "I never read anything more absurd."

AUA co-CEOs Andreas Bierwirth and Peter Malanik announced last month they were "working hard" at getting AUA back in the black. "If we don’t achieve a black zero this year, we will manage it next year," the businessmen said. Bierwirth and Malanik said AUA was challenged by less demand for tickets of flights to destinations in North Africa and the Arab region due to the uprising. They added its operations between VIA and Narita International Airport (NRT) in Japan suffered as well due to the tsunami and nuclear disaster the Asian country was hit by in March. Higher kerosene prices and taxes also put the formerly state-owned carrier – which is based in Vienna – under pressure, according to its executive managers. AUA had 2.1 million passengers in the first three months of this year, around as many as in the same period of 2010.

Austrian Times


Are you on Facebook? Like the Austrian Times on Facebook and win great prizes!


Cosmo and Nanu
ORF Watch

Related articles: EU

  1. Best of the bookshelf in May, part four

    » Panorama 2012-05-31

    A Harvard University professor’s book on the killing of Osama Bin Laden, a collection of funny experiences on planes and many more interesting releases are out now.

  2. Drachma reintroduction 'would mean social explosion'

    » General News 2012-05-31

    A renowned economist has warned from reintroducing the drachma in Greece.

  3. EC warns debt-ridden Austria

    » General News 2012-05-31

    Austria has been criticised for its high public debts.

more related articles tagged "EU"

Related articles: crisis

  1. Drachma reintroduction 'would mean social explosion'

    » General News 2012-05-31

    A renowned economist has warned from reintroducing the drachma in Greece.

  2. EC warns debt-ridden Austria

    » General News 2012-05-31

    Austria has been criticised for its high public debts.

  3. Property prices keep climbing

    » Business 2012-05-31

    A real estate expert has expressed concerns about property prices in Austria.

more related articles tagged "crisis"

Related articles: business scandals

  1. AUA under pressure as pilots quit

    » Business 2012-05-30

    The number of pilots and stewardesses leaving Austrian Airlines (AUA) because of the upcoming pay cuts is on the rise.

  2. Pay cuts scare off AUA pilots

    » Business 2012-05-29

    Dozens of pilots have left Austrian Airlines (AUA) in the past weeks, according to the loss-making carrier’s works committee.

  3. Coalition accelerates anti-corruption ambitions

    » General News 2012-05-24

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

more related articles tagged "business scandals"

Tag cloud:
Airport  debts  business  Lufthansa  Aviation  carrier  Robin  insolvency  Pommer  Bierwirth  Hood  Austrian  airline  September  Lauer  bankruptcy  Graz  International  Euros  rsquo

Latest News

 

Get Shorty As Confused Bald Ibis Gets Lost Again
A rare bald Ibis that seems to have a different sense of direction to her fellow birds has once again had to be rescued after getting stuck trying to find a different route to the southern Italian feeding ground.

Alpine Trains Venture Into Space As The Final Frontier
Austria’s national railway line the OeBB has raised eyebrows after offering themed toilets including one that is supposed to "look and smell like outer space".

MEP caught In Brit papers Fraud Probe Jailed
A corrupt MEP caught by a British newspaper offering to propose amendments to EU laws in exchange for 100,000 euros a year has been given a three-year-jail term.

Vienna Jihad Girls Want To Come Home
The two Austrian teenage girls who became ‘poster girls’ for the jihad in Syria are now desperate to come home after getting completely disillusioned with their new lifestyles.

Mega-Station Opens
There was a festival atmosphere as Bundespresident Heinz Fischer opened Vienna's new Hauptbahnhof Friday morning.

Apple Truck Causes Traffic Jam
When 24 tonnes of apples are catapulted across a road it can only mean a jam.

Farmer Cleared Over Wolf Shooting
Furious animal rights campaigners have accused an Austrian farmer of lying after he shot dead a wolf that he claimed he thought was a fox.

Rare Bald Ibis Makes Microlight Flight To Italy
The project to introduce an extinct bird back to Europe is hailing success after successfully negotiating a new route over the Alps and training 14 Northern Bald Ibises how to fly south to winter feeding grounds in southern Tuscany.

Pat On The Back From Manure Explosive
A traffic cop in Austria got more than he bargained for after a booby trap covered him head-to-toe in manure as he was trying to catch people speeding.

Viennese Jihad Girl May Have Been Killed
Austrian police say that one of the two attractive young teenage girls who fled the country to go to Syria to fight on the side of Islamic rebels may have been killed.

 


Mala Vrata

The most popular stories –
last 7 days



Don't moan alone, the Ombudsman Investigates.

Why suffer in silence. Let off steam by letting our readers share your troubles. File your complaints about anything and everything here.

Our ombudsman David Rogers will try and help solve some of the problems from lazy civil servants through to incompetent companies – and at the very least the worst transgressors will end up in our weekly special report.


Austrian Zimmers