Another Small Planet Airlines operation hits financial trouble

The Polish airline of Lithuania’s Small Planet Group has filed for restructuring under Polish law and is seeking an investor, shortly after the group’s German airline filed for insolvency. Oct 8, Small Planet Airlines said its Polish leisure carrier has entered “accelerated arrangement” restructuring proceedings. Accelerated arrangement is an insolvency step under Polish law, aimed at averting bankruptcy. “The aim of the restructuring is to reduce the number of aircraft, attract additional financial investment and find a sustainable way to continue flight operations. Both legally and operationally, it is an absolutely different procedure from bankruptcy,” a Small Planet Airlines spokesperson said. “We have agreed with tour operators on updated schedules, so there will be no effect on passengers,” the spokesperson said. <br/>