Ocean calls in the receivers
24 / 04 / 2008
OCEAN Airlines has finally called in receivers after months of vainly attempting to refinance the company, following its decision to abandon an IPO offering.
Ocean Airlines’ chief executive officer, Rossano de Luca (right), said: “The Board of Directors, Collegio Sindacale and management of Ocean Airlines have all worked long and hard with the proposed new investor to complete a very extensive due diligence in order to bring the proposed re-financing of the airline to a satisfactory conclusion.
“Despite our best efforts the final result is negative, so reluctantly, but as is necessary, the board and the Collegio Sindacale have requested me to file for the appointment of a receiver.
“Ocean’s demise is a direct result of the major deterioration of the world’s stock markets, coupled with the current banking crisis including, of course, the London IPO market which was particularly hard hit.
“Ocean’s two banks (Valsabbina and Landsbanki) have remained loyal and supportive throughout the entire period that we have attempted to re-finance Ocean and their patience is a tribute to the trust and belief that they have in the integrity of the Ocean business model which remains fully valid to this day.
“Ocean’s problems have arisen due to events totally beyond the control of the company’s management; our industry has been hard hit both by the financial crisis and the dramatic rise in fuel costs and in the past days five other airlines in the USA, Italy and Hong Kong, have also had to declare their insolvency.”
The airline leaves a string of creditors, from airports to fuel providers and banks.