Lithuanian charter airline Small Planet Airlines has turned to a court in Germany, asking for the restructuring of its German subsidiary due to loss-making activity.
The company says its expansion plans in Germany failed due to technical problems and flight irregularities.
According to Vytautas Kaikaris, CEO of Small Planet Group, financial losses incurred by the German company forced it to file for a restructuring process under German law.
If the German civil aviation authority allows, the company’s business license will not be cancelled during the restructuring and it will be able to continue operating. (BNN/Business World Magazine)
