Manufacturing Industry
Court orders liquidation of Air Lib
Airline Industry Information, Feb 18, 2003
AIRLINE INDUSTRY INFORMATION-(C)1997-2003 M2 COMMUNICATIONS LTD
A commercial court has reportedly ordered the liquidation of French carrier, Air Lib.
The carrier was grounded earlier this month after negotiations between the government, the airline's shareholders and Dutch financial group IMAC failed. Air Lib - which owes the state about EUR100m - grounded all aircraft and left passengers stranded when its operating licences expired on 5 February 2003. Air Lib was said to be holding talks with additional potential investors, however no agreement has been reached.
Despite a request for more time from the airline, the court ordered the liquidation and put the group's assets up for auction, leaving its 3,200 staff jobless.
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