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CHRISBA777ER
Topic Author
Posts: 3715
Joined: Thu Mar 01, 2001 12:12 pm

Olympic - Are They Shutting Down?

Wed Nov 16, 2005 9:57 pm

I have been told that OA is to shut down and go private (51% stake) - anyone confirm?

I've also heard they will get rid of their A340s, A300s, 717s, ATRs and Dash-8s - and jsut keep a 734 fleet - is this true?

Any idea who stepped in to buy them?
What do you mean you dont have any bourbon? Do you know how far it is to Houston? What kind of airline is this???
 
kiwiandrew

RE: Olympic - Are They Shutting Down?

Wed Nov 16, 2005 10:05 pm

Who can tell what will happen with OA - the Greek government has tried a couple of times to flog it off - but no-one will touch it - hardly surprising when you look at the figures

ATHENS, Nov. 15 (Xinhuanet) -- Greek government on Tuesday announced the creation of a new airline company to replace Olympic Airlines (OA) after failure of efforts to save the national carrier from financial collapse.

Athens officially declared that an international tender for the sale of OA was inconclusive.

After an inter-ministerial meeting, Economy and Finance Minister George Alogoskoufis and Transport and Communications Minister Mihalis Liapis told reporters that the solution presentedwas the only alternative choice and that it was aimed to cover thecountry' s air transport needs.

Private investors would have a majority stake in the new airline,along with the management and operation of the company, while the Transport ministry would begin a round of consultation with Olympic Airlines' workers over their labor and pension rights.

Transport Minister Mihalis Liapis said the government would seek approval of the plan by the European Union and stressed the government was committed to adhere to community competition rules.

On Sept. 14, European Commission ordered Olympic Airlines to repay the illegal aid as much as 540 million euros (637.2 million US dollars) from the Greek government during past few years.

Greece created Olympic Airlines in 2003 as a successor to debt-laden Olympic Airways in a bid to save the flag carrier from financial woes.

The government has disclosed that two previous abortive effortsto privatize the flag carrier had cost 2.5 billion euros (2.95 billion dollars), while the accumulative losses for its operation of the company during the past several years amounted to 1 billioneuros (1.18 billion dollars).

Moreover, the Greek state is loosing 1.5 million euros (1.86 million dollars) per day from the operation of the Olympic Airlines.
 
CHRISBA777ER
Topic Author
Posts: 3715
Joined: Thu Mar 01, 2001 12:12 pm

RE: Olympic - Are They Shutting Down?

Thu Nov 17, 2005 12:14 am

So have they actually sold it off then?
What do you mean you dont have any bourbon? Do you know how far it is to Houston? What kind of airline is this???
 
commavia
Posts: 11489
Joined: Mon Apr 25, 2005 2:30 am

RE: Olympic - Are They Shutting Down?

Thu Nov 17, 2005 12:16 am

Just put it out of its misery, already.
 
kiwiandrew

RE: Olympic - Are They Shutting Down?

Thu Nov 17, 2005 12:20 am

Quoting CHRISBA777ER (Reply 2):
So have they actually sold it off then?

no , and unless they set the price at something in the region of EUR1 they are unlikely to find a buyer either . Part of the trouble according to one article I read is that all OA employees are defined as civil servants and cannot be laid off . Bearing in mind that the airline is way overstaffed this is a serious obstacle to finding a private investor !
 
LINATHJNX
Posts: 96
Joined: Fri Sep 30, 2005 10:26 pm

RE: Olympic - Are They Shutting Down?

Thu Nov 17, 2005 12:22 am

Ciao
You can visit www.ekathimerini.com for greek news in english. Today there's an article about OA.
I don't think they will never get rid of a/cs like ATR and Dash-8 simply because they are going to continue the routes to the islands and remote regions of Greece whatever happens (it's just my opinion).

Paolo
 
SXFAN
Posts: 358
Joined: Sat Jan 17, 2004 2:20 pm

RE: Olympic - Are They Shutting Down?

Thu Nov 17, 2005 2:28 am

And the new name for Olympic is
TARATATA!!!!!!!!
"Olympic Air"
Yes indeed what is being heard in Athens is that Olympic will go under and a smaller and more flexible company will be born.
But lets wait a bit longer about the details of the whole project.
With government like the one that Greece has at this moment nobody knows what the next day will bring!

Cheers
Vasilis.
 
DeC
Posts: 535
Joined: Mon Aug 15, 2005 5:12 am

RE: Olympic - Are They Shutting Down?

Thu Nov 17, 2005 4:08 am

Quoting SXFAN (Reply 6):
And the new name for Olympic is
TARATATA!!!!!!!!
"Olympic Air"

They said it's not confirmed yet (the name i mean). Anyway, i see the same future (or even worse) coming in for CYPRUS AIRWAYS as well in a very short time.....
DEC
 
aswissinmad
Posts: 125
Joined: Mon Sep 19, 2005 3:56 pm

RE: Olympic - Are They Shutting Down?

Thu Nov 17, 2005 4:17 am

All this is sooooooooo pathetic.....

Just close down the damned thing and let's move on...please!!! Greece has one good, sustainable airline, Aegean Airlines, who really doesn't need a fully subsidized competitor that completely distorts this business. And if at least OA was a good airline, with reliable schedules and world class service, maybe there would be a small point in wanting to keep it alive... but as I see it it can only give Greece a horrible image...

It's just so "deja vu", really .....
 
olympicbis
Posts: 162
Joined: Thu Nov 25, 2004 6:32 pm

RE: Olympic - Are They Shutting Down?

Thu Nov 17, 2005 6:25 am

Quoting Aswissinmad (Reply 8):
as I see it it can only give Greece a horrible image

Why would an entire country get a bad image because of the poor performance of its airline ? So if I would fly Alitalia tomorrow and get a bad service, does it mean that Italy is a horrible place to go ?
A little bit simplistic, isn't it ?
 
WesternA318
Posts: 4603
Joined: Sun Oct 17, 2004 11:55 am

RE: Olympic - Are They Shutting Down?

Thu Nov 17, 2005 9:29 am

LOL, I cant stand OA or DL so much that the four times a year trip to Greece I take is on CO from SLC to FCO, then Aegean to ATH from there.
 
olympic707
Posts: 193
Joined: Tue Dec 28, 2004 5:12 am

RE: Olympic - Are They Shutting Down?

Fri Nov 18, 2005 2:42 pm

Quote:
WesternA318
LOL, I cant stand OA or DL so much that the four times a year trip to Greece I take is on CO from SLC to FCO, then Aegean to ATH from there.

CO to Greece?

OA is the best airline to Greece. I never had problems with OA.  bigthumbsup 

Yanni
Fly Olympic - Aviation GREEK STYLE!
 
pmg1704
Posts: 145
Joined: Fri Sep 24, 2004 1:36 am

RE: Olympic - Are They Shutting Down?

Sat Nov 19, 2005 2:37 am

Actually, DL JFK to ATH was very nice just last month. Though booze was $5 a shot, I tend to stay away from it on flights so it didn't bother me.
 
aswissinmad
Posts: 125
Joined: Mon Sep 19, 2005 3:56 pm

RE: Olympic - Are They Shutting Down?

Sat Nov 19, 2005 4:41 am

Quoting Olympicbis (Reply 9):
Why would an entire country get a bad image because of the poor performance of its airline ? So if I would fly Alitalia tomorrow and get a bad service, does it mean that Italy is a horrible place to go ?
A little bit simplistic, isn't it ?

A bit simplistic as you say, I somewhat agree.

But that's the problem with flag carriers, including Olympic. They carry their nation's flag around the world and it's very often the first contact visitors have with the country.
And I believe OA doesn't do Greece any favor in flying its flag. The same goes for AZ, IB and many other airlines.

The same goes with good airlines, such as BA, LX or JL just to name a few, who do an excellent job at representing their respective home countries.
BA is indeed very British (very polite and efficient), LX is very Swiss (clean and friendly), JL is very Japanese (respectful and ultra-courteous) .. etc ....
And many people would probably think that OA is very Greek (lazy, impolite and useless), which is NOT what Greece is!!!
This is (in part) why OA has to go so that a new flag carrier can better represent Greece. Simplistic but true.

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