Profitable bankruptcy for flyLAL-Lithuanian Airlines?


For inconceivable reasons, Respublika writes, the Lithuanian government has constantly been supporting not a state-owned strategic enterprise but a private company – and the influential business sharks behind it. "Bankruptcy has been the pre-planned logical end of flyLAL-Lithuanian Airlines," an anonymous source close to the aviation business claims. flyLAL Group bought Lithuanian Airlines from the state in August 2005 for more than LTL 20 million (EUR 5.8 million). The anonymous source explains that numerous new companies were established after the privatization, splitting up the various roles of the airline. Most of these then provided services to flyLAL-Lithuanian Airlines, which was being dragged inevitably into bankruptcy, while VA Reals, a property management company also set up in 2005, took over the real estate owned by the former state enterprise. VA Reals is 45 percent owned by Zia Valda and 25 percent by Sanitex, two Lithuanian companies which each have the same stakes in flyLAL Group.


Respublika, 2009-01-21

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