MaltaMedia.com

Air Malta has expressed its confidence following the news released by the European Commission in which it formally said it has authorised the restructuring plan proposed by the Maltese Government aimed to restore the viability of the island’s national carrier.

Commenting on this announcement Louis Farrugia, Chairman of Air Malta said, “This is good news for Air Malta and should instil courage in all the airline’s stakeholders. It means that the airline can continue to trade in the knowledge that its balance sheet can be strengthened and investment in human resources and its operations can take place whilst the airline turns from its current loss making position into a profitable trading one.

Mr Farrugia added, “On behalf of the Board of Air Malta I wish to thank the three main teams that have worked to obtain the Commission’s approval of state aid – that of the Ministry of Finance led by Hon. Tonio Fenech, our Permanent Representations Office in Brussels led by Mr Richard Cachia Caruana and that of the senior management at Air Malta led by Peter Davies, Chief Executive of Air Malta and Ray Hart our Chief Restructuring Officer. They have all worked exceptionally hard in a meticulous way as one team.”

“I wish also to thank all employees, past and present together with all the unions for their understanding and maturity during these difficult changes that the airline has to face”, concluded Mr Peter Davies, Chief Executive of Air Malta said, “Air Malta’s management and employees are today delighted, excited and pleased following this approval. This backing confirms the methodical and comprehensive process that the Maltese government together with Air Malta have followed in drafting and replying to all queries and concerns shown by both the European Commission and other interested parties. This endorsement gives us the confidence that our plans and efforts have withstood the thorough scrutiny and tests of the European Commission”.

This approval is subject to the continued monitoring and review of performance by the EU Commission in-line with the submitted plan. “The Commission expects strict adherence to the commitments stated in the plan. We have still a lot of work to deliver to remain on the right track”, added Mr Davies.

“Air Malta wishes to thank the Ministry of Finance and Malta’s Permanent Representation office in Brussels who have worked very diligently and closely with us to ensure a positive response. I wish also to thank the staff and the unions representing Air Malta employees for showing faith in the process during these times. They have shared with us some of the most trying situations in our professional careers. I am positive that we can continue working together to turnaround this airline and ensure its long term survival and future, for the benefit of the country, its tourism industry, employees and customers”, concluded Mr Davies.