Carrier goes bust before first flight
A fledgling low-cost carrier has reportedly called in the receivers – before it had even managed to launch a single service.
According to The Independent newspaper, the Luton-based carrier Now, which was launched last year by tax-free shopping executive Lars Weilender and former Virgin Atlantic pilot Nick Grimwood, became the latest in an increasingly long line of budget carriers to fail.
The carrier reportedly blames its failure on the fact that £10 million of promised funding, from a group of wealthy Luxembourg investors, has failed to materialise.
The newspaper lists Duo, Air Planet, SkyNet, Jet-Green and JetMagic as other no-frills carriers that have failed recently, apparently backing up Ryanair boss Michael O’Leary’s prediction that European carriers will face a “bloodbath” this year because of increasing pressure to lower fares.
Report by Tim Gillett, News From Abroad
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