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Aer Lingus sale ready for take off
The long-awaited part privatisation of Aer Lingus has been confirmed by the Irish government.
The sale is expected to raise about euros 300 million. The carrier, which has been transformed after being on the brink of bankruptcy after 9/11, will use the funds for new aircraft and investment in more services, particularly transatlantic.
The Dublin government owns 85% of Aer Lingus with employees having the remainder.
Irish transport minister Martin Cullen said the state would retain a significant minority shareholding after the sale.
He is reported to have said that the decision “ensures that for the first time, there will be investment for growth rather than just short-term funding to help in a time of crisis”.
The airline has been forced to shed thousands of jobs as part of cost cutting measures in the face of low fares competition from Irish no-frills rival Ryanair and others.
The amount of the airline to be sold and the timing will be down to financial advisors to be appointed by the government.
Meanwhile, Aer Lingus reportedly plans to axe four-times-a-week Dublin-Orlando flights from January 14 next year to enable capacity to be increased on routes to New York and Boston. The Florida service was only launched last December.
Report by Phil Davies
Phil Davies
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