Swedish Skyways Express ceases operations
Published: May 22, 2012
Sweden’s Skyways Express (JZ) and subsidiary City Airline (CF) have stopped all flights and will file for bankruptcy, according to a statement on their website. CF was acquired by JZ last November.
“The owners of the company have decided not to fund the company any longer and therefore the board of directors was forced to decide to stop all payments and to stop all flights,” the airline said in a statement.
JZ and Denmark’s Cimber Sterling (QI) are both owned by Cyprus-based Mansvell Enterprises, which is 75% controlled by Ukrainian businessman Igor Kolomoisky. QI filed for bankruptcy earlier this month ( ATW Daily News, May 4 ).
“We have come far in turning the company around but after the bankruptcy of Cimber it became almost impossible to continue,” CEO Mikael Wångdahl said.
JZ operated out of Stockholm with a fleet of 12 Fokker 50s, two Saab 340s, one Saab 2000 and one Bae146.
CF operated out of Gothenburg with seven Embraer E-145s, two E-135s and one MD-80.
The Swedish Pilot Assn. expects that up to 350 jobs could be affected.