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Author Topic: "Jazeera Air....the pride of Bahrain!" Plans to file for bankruptcy!  (Read 458 times)

Offline humbleadnan94

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Union officials say 250 Jazeera Air pilots have lost their jobs this year.

Jazeera Air is the middle east first jet powered airline, and it's trying to avoid bankruptcy. The layoffs are part of $60 million in concessions by the pilots' union. The union reached a deal with the airline yesterday.

Pilot salaries will also be slashed. Starting next month, pilots will earn 23 percent less. And they'll lose an additional 17 percent each year until the airline can get itself out of the slump.

A spokesman for the Allied Pilots Association says he doesn't think "anybody's thrilled" with pay cuts and furloughs. But he says "the alternative clearly would be even

The airline industry is still battling its worst downturn ever. Other major airlines are also pushing employees to accept wage and benefit cuts. With the new jets being extremely thirsty compared to their piston powered counter parts maybe being the first middle eastern airline to push to the jet age without a proper passenger demand just was a recipe for disaster. As of now the CEO is planning to reorganize the airline, but worst case he has planned to resign from his post and alliance membership and allow the banks to shut it down and liquidate its assets to clear the debt. The final outcome will be apparent within the next few weeks.


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