Astraeus repossessed plane from Palmair over debts
20.01.11
Plane leasing company Astraeus said it had to repossess a Boeing 737 being used by Bath Travel for its tour operator and wholly owned subsidiary Palmair because of the ‘scale of debt’ involved. Bath Travel’s managing director Stephen Bath said last week he would be bringing Palmair operations to an end in April, with all but three staff leaving the company.
Astraeus said it wanted to clarify the reasons for its taking back the 737 and cited the debt as the reason. Reports at the time from Palmair suggested that it had handed the plane back of its own accord whist it carried out an operational review. Astraeus added that it hoped the debt issue would be resolved and that it had ‘great sympathy’ for Palmair.
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