Ocean buys time

FINREP will haul Ocean Airlines out of the red, covering its negative capital account.
The move is a “gesture of their ongoing confidence in Ocean Airlines”, said the airline in a statement.
New investors are expected to submit their formal euro 35 million equity proposals by mid-March and this extension period has been agreed by the Ocean Airlines board and its advisors.
“The board remain very confident of a successful expansion of the airline in 2008.”