Polish leisure carrier Small Planet Airlines announced it has entered into restructuring (accelerated arrangement proceedings) under the Polish law.
The Group’s German airline filed for insolvency in September, but has permission to continue flight operations as it restructures.
Small Planet Airlines Poland, the biggest Polish charter airline by passengers carried in 2017, operated ten aircraft in Poland last summer. The aim of restructuring is to reduce the number of aircraft and attract additional financial investment.
Bartosz Czajka, Small Planet Airlines Poland Chief Executive Officer, said:
“Small Planet Airlines Poland holds EU Air Operator’s Certificate, has many years of experience serving the biggest Polish tour operators and worked with almost 100 experienced pilots and 300 cabin crews during this summer season.
“I believe this is an attractive investment opportunity, especially having the restructuring plan in place. We also own valuable slots in Warsaw Chopin airport and highly demanded summer-peak slots at Greek islands, like Zakynthos, Rhodes, Heraklion and other”, he adds.
Small Planet Airlines Poland is about to finish all summer season programs and the company already started reducing the number of aircraft within the fleet for upcoming winter season when demand drops significantly in the local market.
Small Planet Airlines Poland is an independent company, so restructuring in the Polish entity will have no effect on the flights operated by Small Planet Airlines Lithuania. It will continue flying from Vilnius and foreign bases as planned. The Cambodian unit, operating under Small Planet Airlines brand, will continue its usual operations as well.