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New owner for flyLAL?Lithuanian Airlines

12th January 2009 - 14:25 GMT | by The Shephard News Team


SCH Swiss Capital Holdings has acquired 100% of the shares of flyLAL–Lithuanian Airlines. Under the signed agreement, SCH Swiss Capital Holdings acquired all shares from the previous shareholders: ?IA Valda (40.73%), Indeco: Investment and Development, UAB (27.15%), Sanitex, UAB (22.63%), and VA REALS, AB (9.49%).

“We considered different scenarios for flyLAL–Lithuanian Airlines to continue operations and searched for potential investors to support the business plan prepared for the future," explained Vytautas Kaikaris, the airline's CEO. "The negotiations with the Swiss investment fund started at the end of the last year. The investors conducted a thorough analysis of the situation in the aviation market and business prospects of flyLAL. We can assure our passengers and partners that flyLAL [will] continue its operations as usual.”

The parties also agreed on additional actions to be carried out before the final takeover of the airline’s control by SHC Swiss Capital Holdings takes place. Upon fulfilment of all obligations, the agreement will come into effect on 23 January.

SCH Swiss Capital Holdings' chairman and CEO, Jan Erik Jansson, stated that the Swiss investment fund is taking over flyLAL–Lithuanian Airlines as a strategic investor with the carrier to being developed further as a regional European airline. According to Jansson, the company’s reorganisation and further activity plan will be prepared during next few weeks.

The Shephard News Team


The Shephard News Team

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