Olympic Airlines may disapear
JF Mezei
Olympic Airways (OA/OAL)
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The End in Sight? ---Olympic Airlines will soon be declared
bankrupt according to the daily newspaper Imerisia. The European Union
is expected to meet this week to approve the Greek government's request
to close down the state airline and transfer the assets to the
newly-organized Pantheon Airways. However the transfer will come with a
price. The EU is expected to also fine the flag carrier $1.1. billion
for illegal state aid during the 2005-2007 period. The Olympic name and
brand will disappear into airline history. The word "Olympic" is
actually derived from the 12 Olympian gods and goddesses in Greek
mythology who resided on Mount Olympus. This is the second time the
state airline has been reorganized and assets shifted. Olympic Airways
was created on April 6, 1957 when TAE Greet National Airlines was
renamed. TAE was owned by Aristotle Onassis. Olympic Airways, like the
current Olympic go into financial trouble and became bankrupt in 2003.
Subsidiary Macedonian Airlines was merged into the newly -organized
Olympic Airlines on December 12, 2003. On the same day Olympic Airlines
replaced Olympic Airways with a clean financial balance sheet. How long
will Pantheon Airways last?
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