http://avstop.com/August_2014/swedish_air_carrier_fly_olympic_ab_files_for_bankruptcy_and_cancelled_all_operations.htm
Swedish Air Carrier Fly Olympic AB Files Bankruptcy And Cancels All Operations
August 2, 2014 - UK Civil Aviation Authority has reported the Swedish
air carrier Fly Olympic AB has filed bankruptcy and no longer in
operation.
Passengers who booked directly with the airline via a credit or debit
card should contact their card provider. Passengers who purchased
Scheduled Airline Failure Insurance (SAFI) should contact their
insurer.
Passengers who booked through a Travel Agent are advised to contact
them in the first instance. Passengers who paid by any other means
will need to make a claim request directly to Fly Olympic AB. UK
customers currently abroad are advised to make alternative
arrangements with other airlines.
The carrier released a statement which stated "Regrettably after two
weeks of trying to find a solution to our financial difficulties, at
16:00, Tuesday the 29th of July 2014, Asian Pacific / Fly Olympic
filed for bankruptcy. "The new operation to Africa 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. All flights
are cancelled and all reservations are therefore also cancelled. An
administrator will be appointed as soon as possible whom will take
over the running of the company".
It has been reported that Fly Olympic had leased and painted an Airbus
A320-231 LY-SPC (msn 415) from Small Planet Airlines. The carrier
operated from Stockholm to Asmara, Baghdad, Erbil, London (Gatwick)
Mogadishu, Mykonos, Sulaymaniyah and Thira (Santorini), flights also
operated from Gothenburg.
UK Civil Aviation Authority released a statement which reads "We
understand that the Swedish carrier Fly Olympic AB, which operated
flights from London Gatwick to Eritrea and Somalia via Stockholm and
Athens has ceased operations and filed for bankruptcy. Fly Olympic AB
was not covered by the Civil Aviation Authority's (CAA) Air Travel
Organizers' Licensing (ATOL) Scheme and neither the CAA nor anybody
else holds a bond or fund to administer claims in respect of this
failure.
"If you booked direct with Fly Olympic AB and paid by credit card you
may be protected under Section 75 of the Consumer Credit Act 1974 and
you should contact your card issuer for further information. If you
paid by debit or charge card you should contact your card issuer for
advice. Similarly, if you purchased Scheduled Airline Failure
Insurance (SAFI) you should contact your insurer."
Air Travel Organizers' Licensing (ATOL) is a United Kingdom Civil
Aviation Authority (CAA) scheme to protect people who have purchased
package holidays (Thomson, Thomas Cook, etc.) and flights from a
member tour operator. The majority of UK tour operators are required
to hold an ATOL license, without which they may not legally sell air
travel. ATOL licensed firms will have had their business practices
inspected by the CAA.
An ATOL licensed tour operator must also obtain insurance bonds from
the CAA. The aim of this is to provide refunds to travelers affected
by any event which causes the airline to be unable to provide travel
for its customers, and to arrange for flights (in addition to
accommodation and other items which may be included in a package
holiday) to return home those who are still abroad at this time.
Airlines are not included within the ATOL Scheme, so if you booked
direct with an airline that has ceased trading you will not be
covered. If you paid directly to the airline by credit card you might
be protected by Section 75 of the Consumer Credit Act 1974. You should
check with your card issuer for further advice. You may have similar
cover if you paid by Visa debit card. Check with your bank.
Booked through an Airline Ticket Agent - If you booked your ticket
through an airline ticket agent you should speak to the agent in the
first instance; they may have provided travel insurance that includes
Scheduled Airline Failure cover, so check with your agent.
Scheduled Airline Failure Insurance (SAFI) - Some airlines and airline
ticket agents will offer customers either a specific Scheduled Airline
Failure Insurance (SAFI) policy or include similar protection within a
broader travel insurance product. The type of protection provided may
vary depending on the type of policy taken out. A policy may simply
cover the cost of the original tickets purchased or any unused
portion, or the additional cost of purchasing new flights, such as new
tickets for travel back to the UK.
Booked with an ATOL holder - If you have booked flights or a holiday
that includes flights with a travel firm that holds an ATOL (Air
Travel Organizer's License) and received confirmation that you are
ATOL protected, the travel firm is responsible for your flight
arrangements and must either make alternative flights for you so that
your holiday can continue or provide a full refund. If you are abroad,
it should make arrangements to bring you home at the end of your trip.
Contact the ATOL travel firm (helpline on ATOL: 020 7453 6333 Monday -
Friday 10.00 - 17.00 Normal working days).
Received on Sat Aug 02 2014 - 12:09:56 EDT