Following months of rumors about its financial difficulties, Swiss business aviation group and ACMI provider PrivatAir announced on Wednesday it filed for insolvency 41 years after it was established. Both PrivatAir SA in Switzerland and its subsidiary PrivatAir GmbH in Germany commenced insolvency proceedings.
Over the past few weeks, a number of events have had a significant impact on the companies future business forecast and viability, which forced the companies to file for insolvency, PrivatAir said in a short statement on its website. It did not give details about what the events entail, but Germanys civil aviation authority Luftfahrt-Bundesamt revoked PrivatAir Germanys license at the end of October. The German carriers two Boein…
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