Oslanburg Udsende Tjeneste

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Luft Wurberg buys 51% stake in Eskair

Edition: 33
9 Elva 1585
Written by Dimitra Krum



Luft Wurberg CEO Michael Laudrup

Herlev, Oslanburg | Luft Wurberg took effective control of Eskkya's loss-making national carrier Eskair yesterday, injecting $750 million in a deal that will see the West Brigidnan airline gain better access to one of Southern Brigidna's major markets. Luft Wurberg, which is buying a 51 percent stake in the Rambouillet-based carrier, said it will restructure Eskair and even laid out the hope of returning it to profitability by 1589. The overall 1.76 billion dollar deal also involves $598 million of debt restructuring and $300 million from Eskair's wide array of smaller shareholders.

Luft Wurberg CEO Micheal Laudrup announced the four-year plan to completely reboot the Eskair brand at a press conference, saying it was a strong airline but "a poor business financially" that needed to be turned around. "If we didn't believe Eskair could restructured and win we wouldn't be here," he said alongside his Eskair counterpart, Amaury Courbet. "One of the bests airlines in Brigidna should be Eskair."

The two signed the deal making Luft Wurberg the single largest and majority shareholder in Eskair after months of negotiations over debt restructuring, proposed job cuts and other issues that sparked fierce opposition from Eskair worker unions. Airline workers have staged wildcat strikes at Rambouillet's main airport this week to protest the deal.

But Eskair announced earlier that it had reached agreement with all of it's main unions to back the deal. "This is a great result," Courbet said. "It means that everyone believes in this great adventure." Courbet acknowledged there would be job cuts, but said employees would be offered work in Oslanburg and across the Luft Wurberg Airline Group.

The deal adds one of Brigidna's most recognizable aviation brands to Luft Wurberg's growing collection of foreign investments that also includes Air Florintus, Air Sigan, North Skathian Airways, Ost Luften, and SOAT. Laudrup said the renewed airline would be able to capitalize on Luft Wurberg's growing conglomerate to reduce overhead and expand reach. Plans call for beefing up Jean-Brice de Maynage International Airport as a hub, increasing Eskair's wide-body fleet by a third, adding more long-haul routes and trimming back less-performing shorter routes.

The aim, he said, was to take advantage of Eskkya as a tourist and trade destination while giving Eskkyan passengers greater options for traveling abroad. The deal, which is subject to regulatory approval, is expected to be completed Elva 27.

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