Restructuring events
European Restructuring Monitor (ERM)
The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
European Coastal Airlines (ECA) is a seaplane operator based in Split, Croatia. ECA provided regular seaplane services connecting major cities and islands along the Croatian coast and Italy. As from August 2014 European Coastal Airlines (ECA) has been rapidly expanding, and within 22 months opened and connected 15 destinations. More than 40,000 passengers have been flown with Europe`s first scheduled seaplane operator.
Since 12 August 2016 the flight operations of this infrastructure project has been stopped by the Croatian Civil Aviation Agency (CCAA) under concerns of possible aircraft failure. ECA states that it has addressed these problems but CCAA has not allowed further flights. The shareholders of European Coastal Airlines do not agree with the decision but do not see any alternative other than to suspend operations for the time being. Almost every operational job within the company has stopped. Before 12 August 2016, ECA created 146 full time jobs; but by 30 November 2016, its workforce will be reduced to 16.
ECA will no longer invest any funds into the Croatian seaplane project up until the administrational situation has been cleared.
Eurofound (2016), European Coastal Airlines, Internal restructuring in Croatia, factsheet number 88768, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/88768.