New Swedish airline collapses

Fly Olympic was selling flights to Africa and Greece

A new Swedish airline has cancelled its services and filed for bankruptcy. Fly Olympic AB had been selling flights from London to Africa via Sweden and Greece.

It was offering flights from London Gatwick to Eritrea and Somalia via Stockholm and Athens. The flights were featured on the search engine Skyscanner. But after two weeks of trying to solve financial difficulties, it has decided to give in.

The airline said on its website that its new operation to Africa had “performed dramatically below all reasonable expectations” and “the losses sustained were too great for a company of our size to survive.”

“We had discussed with several investment groups over the last 10 days in a bid to save the company but unfortunately time ran out.”

According to online sources, Fly Olympic was an affiliate of AeroPacific AB. The company leased and painted an Airbus A320 from Lithuania’s Small Planet Airlines and was flying from Stockholm to Asmara, Baghdad, London, Mogadishu, Mykonos and Thira (Santorini) and, in cooperation with Germania, to Erbil Sulaymaniyah.

TravelMole

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