Czech Airlines announces restructuring plan

13-04-2010

The supervising board of Czech Airlines has approved a plan meant to restructure the company over the next three years. A spokeswoman for Czech Airlines said on Tuesday that the company would undergo an organizational shake-up and would gradually change into a holding company. The new restructuring plan is now pending approval of the Ministry of Finance and will be discussed by the Czech government in late April. The European Commission is currently investigating if a loan of 2.5 billion Czech crowns given to Czech Airlines by the state company Osinek was a form of illegal state aid.