Restructuring events
European Restructuring Monitor (ERM)
The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Finnish airline Air Finland has filed for bankruptcy and ceased all operations. The airline has had approximately 200 employees.
Air Finland began operating in 2002 and has primarily flown to various holiday destinations. The company has cited fuel prices and overcapacity in air transport as reasons for its problems.
As a result of the bankruptcy about 2000 holiday makers were left without a return flight. About half had booked their trip through Air Finland and the other half through other travel agencies.
It is reported that the bankruptcy came as a complete surprise to Air Finland employees. Staff were aware of the company's problems but expected rather temporary layoffs.
Eurofound (2012), Air Finland, Bankruptcy in Finland, factsheet number 73828, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/73828.