Swiss buys flyLAL

“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”, said chief executive officer, Vytautas Kaikaris. “The negotiations with 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 – Lithuanian Airlines. Agreement to sell 100% of shares was signed earlier today. We can assure our passengers and partners that flyLAL – Lithuanian Airlines continues it’s 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 the 23rd of January, 2009.