Styrian Spirit

Type
Bankruptcy
Country
Austria
Region
Südösterreich; Steiermark; Graz
Location of affected unit(s)
Graz
Sector
Transportation / Storage
Land, Water And Air Transportation
Air Transport
51 - Air transport
152 jobs
Number of planned job losses
Job loss
Announcement Date
24 March 2006
Employment effect (start)
24 March 2006
Foreseen end date

Description

On 24 March 2006, only three years after its starting, the small air carrier Styrian Spirit with headquarters in Graz, immediately stopped its operations because of insolvency. As a consequence, all scheduled flights had to be cancelled at short notice. The company’s liabilities as of March 2006 amounted to EUR 44 million. The management sent a notification of the planned dismissal of all 152 employees involved to the Labour Market Service (AMS) still on that day. Only a few days prior, possible investors had abandoned their interest plans.

Sources

  • 25 March 2006: undefined
  • 24 March 2006: Styrian Spirit beantragt Insolvenz, Der Standard

Citation

Eurofound (2006), Styrian Spirit, Bankruptcy in Austria, factsheet number 63228, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/63228.