If you are doing business with Aigle Azur, then you know by now that France’s second largest airline has gone into receivership and discontinued their flights.
The court received at least least fourteen offers from investors willing to take over Aigle Azur. One offer was from Air France, and France’s largest airline confirmed that it had made an offer. Reports suggest that Air France would inject €15 million into the company and to retain up to 70% of the French employees of Aigle Azur (800 employees out of 1,150). The same report details a competing offer from the parent company of the airlines French Bee and Air Caraibes (Dubreuil Group), which also appears to offer €15 million in cash, but appeared to retain only 106 employees.
European insolvency laws differ from US bankruptcy laws. Those with significant claims against Aigle Azur should consider hiring European counsel to assist them in recovering those debts.