More airline failures forecast
14.04.08
A warning of further airline collapses was made today in the wake of 9 failures so far this year. This compares to 5 in the whole of 2007. Reports indicate around 30,000 passengers were hit by the nine failues.
Default and insolvency insurance provider International Passenger Protection says it has been inundated with calls from travel agents and online travel companies who have suffered losses from the failure of airlines including MAXjet (who flew to Stansted), ATA, Aloha Airlines and Oasis, who failed last week, previously flying daily from Gatwick to Hong Kong.
IPP director Paul Mclean said: ‘There are many factors putting pressure on an airlines finances at the moment. The credit crunch and highest ever fuel prices are reversing the efforts of many airlines who went back into profit after savage cost cutting exercises following 9/11. We expect to see several other airlines suffer difficulties during this current period.'
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