SkyEurope the first of many to fail this year?
27.06.09
A spate of airline failures is expected to follow that of the low-cost, Slovakia-based SkyEurope, which went into administration this week, creating a summer nightmare for holidaymakers similar to the scenes of last year, one expert has predicted.
SkyEurope carried more than three million people last year on flights across central Europe, including routes from Gatwick to Prague, Bratislava and Kosice. It filed for bankruptcy protection from its creditors on Monday, after months of falling passenger number, but is currently still continuing to operate services and hopes to find new investors.
About 50 airlines have collapsed since the start of last year – the highest number of failures in aviation history. This included XL Airways, which caused holiday chaos last year, with industry analysts reported to believe that a further 20 airlines globally will fail this year.
A spokesman for ProtectMyHoliday.com, a financial protection company, said that SkyEurope would be the first of many airlines to go into administration as they run out of money during the economic downturn. He said: ‘Companies such as Sky Europe just cannot continue to haemorrhage money. Airlines and other sectors of the travel industry simply cannot continue with the spiraling events affecting their business.’
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