Frantz Yvelin, the CEO of French airline Aigle Azur, placed in receivership Monday, throws in the towel by announcing his resignation on the set of French Good Morning Business. The airline also stopped offering flight bookings from 10 September, one can only fear the worst for the ailing airline.
“Today, I am announcing my resignation,” Yvelin said on television, “for the last two years, I have done absolutely everything I could to save the company. Our plan – saving more than 90% of the jobs and to continue our activities – was not accepted by the unions. Mr. Houa made his putsch (Houa briefly proclaimed himself CEO of the airline) … we can’t fight against everyone.”
The plan included reselling a portion of the airline’s activities to IAG Group (British Airways, Vueling, Iberia, Aer Lingus), reshuffling flights from Paris CDG and a productivity effort from our flight crew in exchange for a share in the capital of the company.
Aigle Azur, employing 1,150 people, including 350 in Algeria is in receivership with continued activity, but future bookings have been switched off from Aigle Azur’s official website as from 10 September.
Two possible plans are still in the pipeline: a take-over by IAG Group, or by Air France.