Eritrea Bound Fly Olympic Files for Bankruptcy

Fly Olympic maiden flight to Asmara
21 June 2014 was Fly Olympic’s maiden flight to Asmara. Last minute attempt to save itself from collapse, Fly Olympic launched direct flights to Asmara and Mogadishu a month ago. However, the inevitable happened and now the company is no more.

By CapitalEritrea,

FLIGHT Travel Organizer Aer Asian Pacific Around The World Travel Ltd, also known as Fly Olympic, has filed for bankruptcy.

Approximately 500 to 600 passengers in Somalia, Iraq and Eritrea are stranded because of cancelled flights, says Sweden’s Consumer Protection Agency.

Fly Olympic said in a press release that it had tried to find a solution for its financial difficulties for two weeks, but at the end had to file for bankruptcy at 16:00, Tuesday the 29th of July 2014 after 25 years in business. 

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.“, the air tour operator’s website states.

The carrier cancelled all flight schedules and all reservation and plans to appoint an administrator to take over the company’s operations.

Passengers are advised to contact the airline operating the flights physically in the first place, says the consumer agency.

Fly Olympic did not operate the flights itself, but was rather a so-called air tour operator, who leases aircrafts and crews from other airlines or leasing companies.

Thus stranded passengers should first contact the airline that would have operated the flights.

Ticket holders with future flight scan report claims to the liquidator appointed by the District Court in written form and copies of receipts as prove of costs and expenses incurred.

Forms can be found under following link Swedish Consumer Agency