Swedish Airline BRA Files For Court Reorganisation as Pandemic Hits

Sweden-based airline BRA said on Monday it had applied for court-administered reorganisation as it sought to avoid bankruptcy after the rapidly spreading new coronavirus caused a collapse in demand, Reuters reported. The small privately held airline had said only days ago it was temporarily discontinuing all traffic between April 6 and May 31 due to the COVID-19 pandemic, of which there have been more than 6,000 confirmed cases in Sweden. Applying for company reorganisation is a form of administration where a court appointee is charged with restructuring the firm with the aim of avoiding bankruptcy. Cash-strapped carriers across the world including Nordic rivals SAS, Norwegian Air and Finnair are struggling and seeking bailouts, having drastically reduced flying schedules as the pandemic has brought air travel to a near halt. Read more

Location