Olympic Airlines to be shut down

**Midnight Mike** · 09-16-2008, 07:20 AM

Sept. 16 (Reuters) - The European Union is set to give its green light for the closure of Greek carrier Olympic Airlines and will fine it 800 million euros ($1.12 billion) for illegal state aid, daily Imerisia reported on Tuesday.

The EU Commission will meet this week to approve a Greek government plan to shut down the ailing airline and transfer its assets to a new entity called Pantheon, the newspaper said without citing sources.

The EU will fine Olympic over illegal state aid during 2005-2007, after competitors Ryanair (RYA.I: Quote, Profile, Research, Stock Buzz) and Aegean claimed the government was continuing to provide assistance in breach of EU state aid rules, it said.

http://www.reuters.com/article/marketsN ... 916?rpc=44

**Delta777LR** · 09-16-2008, 09:06 AM

oh boy that doesnt sound good... Add another airline out of JFK this year

**lijk604** · 09-16-2008, 11:38 AM

Another one bites the dust. :roll:

**Matt Molnar** · 09-16-2008, 11:46 AM

Wow, didn't see that coming. At least there's a plan, though, unlike the Alitalia debacle.

**Ari707** · 09-16-2008, 01:11 PM

sounds like to me one day it will be olympic and the next day Pantheon, same planes new name, though they could use some new planes too that has to be some of the oldest A340's around

**SengaB** · 09-16-2008, 02:06 PM

It will be sad to see one of the last remaning classic and decent liveries disapear. I't never got dull seeing OAL on approach to JFK.

Sengaa

**Jetinder** · 09-16-2008, 02:34 PM

These guys are toppeling like dominos :(

**Lezam** · 09-16-2008, 05:19 PM

Wow, its great you guys told me not to go with olympic a few months ago. I would have been screwed out of a grand!

**T-Bird76** · 09-16-2008, 06:43 PM

Hmmmm Doesn't sound like they are ceasing flying but simply turning over the assets to this new company which will carry the Olympic name. This is prob the only way to create a new business model.