By Aerotime
Image JB Carvalho
After being dumped earlier this week to be replaced by a pair consisting of a driver and one of the co-financiers, Aigle Azur CEO Frantz Yvelin managed to regain his position again, but not now this time.
"With the help of the court that had a question referred, Aigle Azur ended this morning [August 28, 2019] an illegal and surreal situation, having seen two people claiming to have the right to execute or control 80% of its shareholders," It announced a company, adding “an immediate request from Frantz Yvelin, president of Aigle Azur, or president of the Commercial Court appointed as interim director for a company.” The court appointed Hélène Bourbouloux as interim administrator.
In mid-August 2019, Yvelin announced a probable sale of Aigle Azur's activities in Portugal to low cost Vueling. Lately, the airline has lacked investments, as some of its shareholders (mainly the Chinese group HNA and Brazilian businessman David Neeleman) have had their own difficulties. The decision, among others, prompted Gérard Houa (19% shareholder of Aigle Azur) and Philippe Bohn (co-founder of Aigle Azur and former General Manager of Air Senegal) to dump Yvelin in a coup-like action. Both men proclaimed themselves president and general manager respectively, denouncing the "strategic errors of the past two years."
Aigle Azur, the second largest French airline after Air France, has been losing money for more than seven years and has failed to enter the long-haul market. Its route from Paris Orly Airport (ORY) in France, where it is located, to Brazil's Sao Paulo-Campinas International Airport (VCP), opened on July 5, 2018, will end on September 10, 2019.
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