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FINANCIAL NEWS
Egypt’s flag carrier eyes restructuring plan
18 Dec 2014
(MENAFN) Egypt’s national carrier announced that it has signed a deal with Texas-based airline advisory firm Sabre Airline Solutions to help it prepare for a restructuring plan for the state-owned company, Gulf News reported.
EgyptAir Holding Comapany, which has suffered about a USD1 billion in losses since 2010, said that the restructuring would focus on its subsidies EgyptAir Airlines and EgyptAir Express, the providers of flights mostly to destinations in the Middle East, Africa and Europe, with the plan aiming to return EgyptAir to profitability by mid-2016.
“Signing this contract comes in the context of EgyptAir seeking to effect a radical change in the business, financial, administrative and operational structures of the two countries,” The President of EgyptAir Holding Company said in a statement.
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