Czech Airlines declared bankrupt

Czech Airlines – the fifth oldest airline in the world – was this week declared bankrupt by a court in Prague, although the flag carrier continues to operate a reduced schedule pending a final decision on its status. The airline has debts of around 70 million euros, which includes money owed for cancelled flights to more than 230,000 passengers. The firm has complained that unlike its foreign rivals it has not received any Covid-19 aid from the Czech government, which has so far shown little willingness to bail out the national carrier, founded in 1923, Emerging Europe reported.

Prior to COVID-19, CSA was a profitable company. As a consequence of the pandemic and the related extraordinary travel restrictions implemented by governments globally, CSA´s payment reputation was challenged significantly.  Despite recommendations of the European Commission and the International Air Transport Association (IATA), CSA did not receive any financial support from the government as opposed to its direct competitors having received such support from their respective governments pursuant to EC recommendation and, thus, the airline is confronted with unequal and unfair competition, according to World Airline News.

Since the end of August, CSA has been under a protective moratorium against creditors. Expired at the end of February, the airlines had previously filed a petition with the insolvency court for their reorganization. According to the company, its goal is to save society. The carrier stated in the proposal that it has debts of approximately 1.8 billion crowns, of which one billion within unpaid or unused passenger tickets. The company then owes the rest to suppliers, Prague Business Journal wrote.

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