flyLAL operations suspended
22 / 01 / 2009
LITHUANIAN Airlines – flyLAL – has ceased operations as of 17 January. The airline had run up debts of US$26 million since it was privatised in 2005, most to Vilnius International Airport, where it is based.
An investment bail out had been arranged with Swiss investment firm SCH Swiss Capital Holdings but flyLAL claims that the promised $1 million, which would have cleared its immediate debts, wasn’t paid when agreed.
The Swiss company was not available for comment.