Greece’s AEGEAN is asking the government’s help after the company suffered massive losses due to the coronavirus (Covid-19) outbreak.
The national carrier’s Chairman Eftichios Vassilakis says will take the Greek airline at least six months to recover and two to three years to reach pre-coronavirus levels with revenue currently at 0.05 percent of its daily total. Speaking in a recent online event held by Endeavor Greece, Vassilakis, who’s also vice president of the Greek Tourism Confederation (SETE), had this to say:
“Right now, we are working to continue operations without any demand… and at the same time making efforts not to betray our relationships with our employees, with our customers, with our suppliers.”
He added that if worse comes to worse the company will be forced to lay off personnel.
According to Vassilakis, Covid-19 crisis will inevitably change the landscape in the aviation and transport sector and that if AEGEAN is to remain in the air it will have to redefine its entire operations plan.
Aegean’s credit was only recently rated CCC on account of deteriorating credit profiles and fleet in the current operating environment, due to the coronavirus-related impact on the sector, according to Fitch. Aegean stocks are down 48.72% for the year.