Slovakia gets creditor protection

June 22, 2009

, VIENNA, June 22 – Struggling Slovak low-cost airline SkyEurope said on Monday that it had gone into bankruptcy protection in order to reorganise its affairs in an orderly fashion.

Listed on the Vienna stockmarket, the Slovak carrier said a Bratislava court had offered it protection from creditors while management implemented the restructuring of its business to make it more attractive to potential investors.

Flights, jobs and supplier payments would all be assured during this process, it added.

The airline announced earlier this year that its business had been badly hit by the global economic slump and that it had had to reduce its fleet to just five planes from the 15 Boeing 7373s it operated in late 2008.

SkyEurope with bases in Prague, Bratislava, Kosice and Vienna never posted a profit in the six years of its existence.

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