Egypt’s unprofitable national airline hires US firm for restructuring
Restructuring to focus on EgyptAir Airlines and EgyptAir Express, subsidiaries of EgyptAir Holding Company
Reuters December 17, 2014
Cairo: Egypt’s national carrier said on Tuesday it had hired Texas-based airline advisory firm Sabre Airline Solutions to prepare a restructuring plan for the state-owned company, which has suffered about a billion dollars in losses since 2010.
.A company statement did not mention the value of the contract, but it said the restructuring would focus on EgyptAir Airlines and EgyptAir Express, subsidiaries of EgyptAir Holding Company which provides flights mostly to destinations in the Middle East, Africa and Europe.
.“Signing this contract comes in the context of EgyptAir seeking to effect a radical change in the business, financial, administrative and operational structures of the two countries,” Sameh Hafni, the president of EgyptAir Holding Company, said in an emailed statement. He said the plan would aim to return EgyptAir to profitability by mid-2016.