AOM-Air Liberté: a day of capital importance

For both French airline companies owned by airline group, SAirGroup, the target is to avoid the liquidation. Today, the exceptional meeting of the works council is held in this context.

SAirGroup, the Swiss holding, owner of Swissair and main shareholder of the previous second French air group, seems to wish to go fast to implement its decisions. This is one sign which proves it: among the measures decided, the group on the road to ruin had announced about ten days ago that it would put up for sale its hotel chain Swissotel. In its edition of Sunday April 8th , the Swiss newspaper SonntagsBlick announced that the transaction was on the way to be concluded with the Singaporean, Raffles Holdings Ltd. The 23 hotels of the chain would be evaluated at 235 million dollars.Waiting for the rescuersIn this context, the exceptional meeting of the works council for both airline companies AOM and Air Liberté, initially announced on April 5th and postponed on Monday April 9th promises to be very important: the target is simply to avoid liquidation whereas SAirGroup is decided to stop financing the two French companies in deficit. All the more because the second shareholder, Marine Wendel, who is French (50.5 % of shares) reasserted on Friday that he didn't intend to finance neither and that it won't be solved by him.The six thousands employees of both companies (one part works on Nice Airport) will consider what will arise from both meetings of the day. The first is the one of the supervision council which gathers the representatives of shareholders. The second is the one of the extraordinary work council. The major matter on the agenda is the following: The distrainee project of the commercial court in Evry in order to ask for the nomination of a conciliator.The company relies a lot on this nomination in order to avoid the liquidation. The conciliator would be in charge of helping the companies to continue their activity until the arrival of potential rescuers acting with banks to obtain the postponing of debts. The smoothest way ensures the management of both companies. Maybe. However, there is a big wonder which is remaining: which rescuers and for which conditions?