Eurolot enters liquidation – the airline ceases operations after March 31
Polish state-controlled airline Eurolot facing serious financial difficulties is destined for liquidation. The decision has been taken by the Polish treasury, the airlines main shareholder, after reaching the conclusion that “there was no prospect of profit in the foreseeable future”.
Eurolot’s operations will be carried as planned until March 31, 2015 and cease thereafter. Passengers who purchased tickets for flights from April 1 onwards will be refunded or have their flights rebooked with another airline, if possible. The airline assured it will contact individually every passenger in order to find the most convenient solution.
Eurolot is present on the Polish market since 1996 and operates scheduled flights since 1997. Polish Treasury holds 62.1% of the shares, the remaining 37.9% belongs to Silesia Financial Society Lda. The decision to close the company came after the failed attempt of restructuration in 2014 when the airline opened several new routes, hoping the move would help to increase the number of passengers served to 500,000 per year.
The carrier intends to pay off all of its debt by selling the company assets. Ten Bombardiers Q400 currently used by Eurolot will most likely reinforce the fleet of LOT Polish Airlines.
Eurolot’s liquidation will affect 17 airports in Europe. The airports in Poland with the highest share of Eurolot operations were: Warsaw Airport (WAW), Krakow Airport (KRK), Bydgoszcz Airport (BZG) and Gdansk Airport (GDN). Outside Poland, the most important airports for Eurolot were: Dusseldorf Airport (DUS), Zurich Airport (ZRH), Amsterdam Airport (AMS), Zagreb (ZAG), Stuttgart (STU) and Chisinau (KIV).