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On December 01, 2007 transport minister Kostas Hatzidakis announced that the entire Olympic Airways Group debts amounted to 2 billion euro, and that the airline in its present form and size would cease existing in 2008.[11] This seemed to be the only way for the European Commission to write off the company's debts to the Greek public sector. He stated that Athens was under more pressure to recover the money Olympic owed, thanks to the Ryanair lawsuit.[2]
On September 16, 2008 the Greek Government announced a major restructuring, whereby a new private airline under the name "Pantheon Airways" will launch in October 2008. Pantheon will operate parallel to Olympic Airlines until April 2009, when Olympic Airlines will shut down and Pantheon will take over a portion of its routes. Pantheon will then be renamed with "Olympic" being in the name, while Olympic's rings will also be used. The new Olympic will be freed of the old Olympic's debts. The number of jobs at the airline is supposed to shrink from 8000 to 1000 workers.
Despite all predictions, traffic for Olympic in 2007 increased, carrying a total of 5,977,104 passengers (3,115,521 in domestic and 2,681,583 in international flights) as opposed to approximately 5,500,000 passengers in 2006. It is estimated that OA earned approximately 780 million euro in 2007, 500 of which came from international flights.[12]
In 2008 due to lack of aircraft Olympic airlines has cancelled or merged a significant number of flights, about 6,000 according to its own union (as of August 26 2008). Olympic airways officials have declared that this is not the major problem since "after all the income reduction is only 4-5 million euros compared to the initial budget plan". [13]
On December 01, 2007 transport minister Kostas Hatzidakis announced that the entire Olympic Airways Group debts amounted to 2 billion euro, and that the airline in its present form and size would cease existing in 2008.[11] This seemed to be the only way for the European Commission to write off the company's debts to the Greek public sector. He stated that Athens was under more pressure to recover the money Olympic owed, thanks to the Ryanair lawsuit.[2]
On September 16, 2008 the Greek Government announced a major restructuring, whereby a new private airline under the name "Pantheon Airways" will launch in October 2008. Pantheon will operate parallel to Olympic Airlines until April 2009, when Olympic Airlines will shut down and Pantheon will take over a portion of its routes. Pantheon will then be renamed with "Olympic" being in the name, while Olympic's rings will also be used. The new Olympic will be freed of the old Olympic's debts. The number of jobs at the airline is supposed to shrink from 8000 to 1000 workers.
Despite all predictions, traffic for Olympic in 2007 increased, carrying a total of 5,977,104 passengers (3,115,521 in domestic and 2,681,583 in international flights) as opposed to approximately 5,500,000 passengers in 2006. It is estimated that OA earned approximately 780 million euro in 2007, 500 of which came from international flights.[12]
In 2008 due to lack of aircraft Olympic airlines has cancelled or merged a significant number of flights, about 6,000 according to its own union (as of August 26 2008). Olympic airways officials have declared that this is not the major problem since "after all the income reduction is only 4-5 million euros compared to the initial budget plan". [13]
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