after strong turbulence, judicial recovery on the horizon

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The troubled airline has convened an extraordinary works council, a week after a spectacular coup by a shareholder and against a backdrop of deep social concern.

The World with AFP Posted today at 12h25, updated at 12h32

Time to Reading 3 min.

Sunday, October 31, 2010, a plane of the French company Aigle Azur at the international airport of Baghdad.
Sunday, October 31, 2010, a plane of the French company Aigle Azur at the international airport of Baghdad. AFP / AHMAD AL-RUBAYE

The social anxiety is keen on Aigle Azur, a week after a spectacular coup by a shareholder. The troubled airline has convened Monday, September 2, an extraordinary works council for a receivership proceedings.

According to the document convening the meeting at the company's headquarters, near Orly airport, the agenda provides for a "Information-consultation on the opening of a bankruptcy procedure".

The current crisis in the company of 1,150 employees broke out on August 26, when one of the shareholders, Gerard Houa, ousted the boss Frantz Yvelin saying his desire to end "Strategic mistakes of the last two years".

"A new management"

Two days later, a new twist: a temporary administrator, Hélène Bourbouloux, was appointed head of the company and installed in the presence of law enforcement, while Mr. Yvelin was reinstated.

In an interview at Sunday newspaperMr. Houa, who controls 19% of Aigle Azur through his company Lu Azur, has returned to the charge and assured that it was supported in its approach by the other two shareholders, the Chinese group HNA and the American businessman David Neeleman.

Reiterating his proposal to invest 15 million euros to bail out the company, he added the condition of setting up "A new management". Yet in an email, Mr. Neeleman had disassociated himself from the initiative and claimed that HNA "Had no prior knowledge of Gérard's action (Hua) and disapproves of what he tried to do.

"The company chained the wrong decisions"

"All shareholders have always said, for months, that they will support whoever can bring money. I have always said that I will sign my resignation without any conditions if I am a problem "answered Frantz Yvelin.

"The unions also demanded this change because they feared that the former president would put the company in receivership. The CE and the employees support me 100% », according to Mr. Houa. "If I inject this $ 15 million into a capital increase, I will buy David Neeleman's shares in the process, and the shares of HNA will only be a small part of the total", he explained to JDD.

For him, for two years now that Mr. Yvelin is at his head, "The company chained the wrong decisions", including the launch of European lines, which "Alone represent a loss of 27 million euros".

"No strategic decision, opening of line or purchase of plane, can not be done at Aigle Azur without the approval of the executive committee, of which Mr. Houa is member. He was, as a shareholder, at the heart of the company's strategy ", defended himself Mr. Yvelin, inviting Mr. Houa to "Show the money and its plan".

Longing worried employees

The worries of the employees are keen. In two separate communiqués, SNPNC-FO and UNSA called them to meet at 9:00 am Monday in front of the company's headquarters. According to FO, "1150 Jobs" would " threat " in case of opening such a procedure. it "Will necessarily involve a drastic restructuring", worries his side the UNSA.

The judicial reorganization, which must be accepted by the court, freezes the existing liabilities at the opening of the proceedings, during a period of observation which can last up to eighteen months. It must allow the company to present a plan for the continuation of its activities with a reorganization of its indebtedness.

Aigle Azur, founded in 1946 and whose links with Algeria represent 50% to 60% of the activity, employs 350 of its employees in Algeria. It has a fleet of 11 aircraft and has transported 1.88 million passengers in 2018. It achieved a turnover of 300 million euros in 2018, but "Loses money since 2012"According to Yvelin, who told Agence France-Presse in mid-August that he wants to sell his services to Portugal to ensure the medium-term survival of the company.



Source link
https://www.lemonde.fr/economie/article/2019/09/02/aigle-azur-apres-de-fortes-turbulences-redressement-judiciaire-a-l-horizon_5505431_3234.html

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