French regional airlines AOM and Air Liberté have escaped the jaws of bankruptcy through their purchase by an Air France pilot. The airlines–formerly owned by SAirGroup and French investment firm Taitbout Antibes–expect to shed 1,800 jobs, restructure and adopt a new name as part of a plan to form a viable rival to Air France. Meanwhile, Air Littoral, the third French airline once under the SAir umbrella, plans to sell airplanes, reduce routes and downsize to improve its health.
The long-running saga to establish the three airlines as a competitor to Air France culminated at the end of July when the commercial court of Créteil, near Paris, accepted the offer of Holco–a company established by Air France pilot Jean Charles Courbet and backed by Canadian investment bank CIBC. Air Littoral narrowly escaped bankruptcy when the airline’s former boss, Marc Dufour, took over the company in July.
