Beaucaire
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Olympic- The End Is Near?

Sat Jul 23, 2005 2:44 am

Under normal conditions the preferred bidder for the takover of Olympic would have had to make a firm and binding bid -which up to date has not happened.
Last years losses of 87 M € (2003 loss of 23 M€ ..) and a capital of about 115 M € seem to indicate a hopeless situation.
On top,the EEC would most likely object any further aid and ,on the contrary,might even ask to pay back some of the previously attributed subsidies.
Any good news ahead for the helenic flag-carrier ?
Please respect animals - don't eat them...
 
Pe@rson
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RE: Olympic- The End Is Near?

Sat Jul 23, 2005 2:50 am

The problem with OA is that any time it wishes to alter and transform itself, the unions complain and block the change. So it cannot really change. If this was tackled, and OA was privatised, then there might well be hope after a programme of, amongst others, rationalisation and restructuring.
"Everyone writing for the Telegraph knows that the way to grab eyeballs is with Ryanair and/or sex."
 
Beaucaire
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RE: Olympic- The End Is Near?

Sat Jul 23, 2005 3:07 am

Please respect animals - don't eat them...
 
dutchjet
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RE: Olympic- The End Is Near?

Sat Jul 23, 2005 3:19 am

It does not look good for Olympic, it would be sad to lose yet another airline with a historic name and rich history.

There have been so many plans and attempts at relaunching Olympic - years ago, Speedbird (part of BA), did a huge study trying to detmine what was necessary to fix this loss-plagued airline but changes have been very slow in coming. From what I have read, the airlines overhead and cost-structure are far too high to compete in today's enviornment, and labor has been unwilling to go along with changes for various reasons. Somethings gotta give. And with the EU not allowing another government bailout in any way, shape or form, I think that the game is over unless the investment group comes through (which is also not looking good at the moment).

I really hope that Olympic can pull it off.
 
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United787
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RE: Olympic- The End Is Near?

Sat Jul 23, 2005 3:48 am

I know that most A-netters would never want to see an airline die, but maybe in a circumstance like this, you let the airline die and then someone else can buy the rights to the name and logo and establish a new airline from the ground-up. I think someone could do better than PanAm too.
 
SA006
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RE: Olympic- The End Is Near?

Sat Jul 23, 2005 5:23 am

Should I be worried about my booked tickets on them this August?

-SA006
Proudly South African
 
iakobos
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RE: Olympic- The End Is Near?

Sat Jul 23, 2005 6:26 am

SA006,

The EU is holding its investigation into OA wrongdoings until "Autumn", with the hope that the sale can be brought to completion by that time, and anyway August is a month where OA can make some cash (instead of loosing 10mE/month at present off season rate).

If OA will hold until then is uncertain, the cash cow is empty and (less important) domestic flights are apparently cancelled from time to time.

A quick court action by OA averted a strike today (22-7).

I would say your chances are 50-50.
 
KLMA330
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RE: Olympic- The End Is Near?

Sat Jul 23, 2005 6:48 am

Quoting United787 (Reply 4):
I know that most A-netters would never want to see an airline die, but maybe in a circumstance like this, you let the airline die and then someone else can buy the rights to the name and logo and establish a new airline from the ground-up

I completely agree... this may be a simple way of looking at it, but if the unions object to change, and obstruct any constructive way ahead for the airline, disolve what exists, do away with the unions, and use the name and entity to create an actual, working, money making corporation. Olympic has the potential, and at one time, was a great airline to fly on.

Billy.
 
swisswings
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RE: Olympic- The End Is Near?

Sat Jul 23, 2005 7:25 am

Maybe time has come to simply say goodbye to Olympic Airlines (ex Olympic Airways). Great carriers have disappeared from the surface of this earth because of financial disasters while carriers like Olympic have continued to exist with the help of the state and the EU. Hellas Jet, a promising new star on the Greek firmament has not developped the way its owners expected, so why should Olympic survive on the long term. Maybe we will see Aegean on the rise, as it is a well managed airline with a good quality product.
We can live without Olympic, so can Greece.
 
olympic707
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RE: Olympic- The End Is Near?

Sat Jul 23, 2005 11:32 am

What happened to the Greek-American investors?
Is Aegean still in the bidding?

I hope OA / Greek Government can get this ironed out. worried 
I'm going to Greece this October, and wish to fly OA.  yes 

Yanni
Fly Olympic - Aviation GREEK STYLE!
 
SA006
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RE: Olympic- The End Is Near?

Sat Jul 23, 2005 5:21 pm

Ok , I only have to fly OA on the 3rd of August and the 8th of August domestically (and maybe CFU on the 10th and 11th). I guess if all does go wrong (touch wood) I could take a ferry or A3. Flying back via DOH on Qatar so back to JNB its ok.

Thanks iakobos  Smile

-SA006  wave 
Proudly South African
 
BestWestern
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RE: Olympic- The End Is Near?

Sat Jul 23, 2005 5:39 pm

What is sad is that even the most diehard OA supporters know that the OA must now die.

Having been booked to fly with OA last week, I would agree. If I were a potential OA investor I would allow OA to die, and then start afresh with a new carrier, buying the valuable OA assets, such as LHR, FRA and JFK slots. Everything else can be consigned to the wastebasket.

It seems that a considerable amount of OA flying is now sub chartered out to less than respectible airlines, resulting in aircraft being impounded in CDG due to unairworthyness.

I flew with Air Finland on a clapped out piece of 752 junk and a comfortable Blue Panorama 763. OA handling and flight management was apalling. The outbound 752 was a free seating nightmare (having downsized from an A340). The return 763 was boarded using a seatmap from an OA A300 - resulting in a 45 minute delay in departure, and everyone screaming at the poor cabin crew.

At checkin for both flights the airline could not tell me who the operator for the flight was. On top of this, OA have used an Air Holland Excel 763 and an Aerolineas Argentinas 742 on their Heathrow route in the last two weeks.
You are 100 times more likely to catch a cold on a flight than an average person!
 
cambrian
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RE: Olympic- The End Is Near?

Sun Jul 24, 2005 5:29 am

What a shame if Olympic does disappear from the skies!

They are one of the few airlines that actually reflect their home country- for good and bad. Their food is excellent and their A300's and A340's are very nice to travel on.

Surely with the many subsidised domestic routes that they operate, they will not simply be allowed to fold up?

Another reason for wishing OA well is that they have a brilliant safety record, and unlike other carriers, they have not messed about with their branding and livery all these years. Their livery is one of the best that you will find gracing an A340.

Sentimental, I know, but we are all on this site because we love aviation.

Kalo taxidi!
 
highflyer9790
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RE: Olympic- The End Is Near?

Sun Jul 24, 2005 10:43 am

Quoting Dutchjet (Reply 3):
It does not look good for Olympic, it would be sad to lose yet another airline with a historic name and rich

I agree. I think the Olympic name will be around for a while...i hope
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usdcaguy
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RE: Olympic- The End Is Near?

Sun Jul 24, 2005 1:33 pm

I think the major problem faced by Olympic is that it is a victim of its own history. Many of its workers have been with the company for years and have gotten used to the wages and work rules provided by union contracts. Unfortunately, Olympic does not generate enough revenue to cover these costs and therefore faces the same situation as many American carriers. I think it is in the interest of the Greek government to consider whether OA really should survive, or if perhaps a company such as Aegean would be a better flag carrier for the country with better service and a brigher outlook.

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