Nov. 20 (Bloomberg) -- Estonian Air will fire almost half of its employees and reduce flights to 10 or fewer destinations as the Baltic nation’s national carrier seeks to avoid insolvency.
“The structure of the company will be based on operating five aircraft and serving nine to 10 core destinations,” Chief Executive Officer Jan Palmer said today on the company’s website. “Cutbacks in the flight volumes unfortunately lead to operating with a smaller number of employees.”
The company, which is 97.3 percent owned by the Estonian government, will dismiss 146 of its current 318 employees, it said. Of the remaining 172, 100 will be flight crew.
Estonian Air fired Chief Executive Officer Tero Taskila on Oct. 31, after its nine-month net loss widened to 20.2 million euros from 11.2 million euros a year earlier.
To contact the reporter on this story: Bryan Bradley in Vilnius at email@example.com
To contact the editor responsible for this story: Balazs Penz at firstname.lastname@example.org