Fischer increases capital to PLN 70m

07-03-2007, 11:00

Warsaw (Puls Biznesu) – The charter airline with fresh capital, new planes and new name flies to have PLN 20m of income.

Fischer Air Polska (FAP), the charter airline which was close to bankruptcy, is again increasing its capital: from PLN 50m to PLN 70m (EUR 17.9m). The transaction should be conducted in the middle of this month. The company will use the funds to lease two 265-seated Boeings. The first one will start operations on April 21st, the second one in the middle of June.

“We will have had three aircraft, and that’s it this year”, Krzysztof Szymanski, FAP deputy CEO said.

Fresh capital will be gained from financial institutions. Mr. Szymanski refused to reveal their names.

At the end of the year, the company wants to generate PLN 250-260m of sales and PLN 20m of gross income. The company will soon change its name into Prime Charter. It filed a suit in the court register a month ago.

FAP airlines started operations in January 2005. On October 12th 2006, they stopped operations after one of its main clients, Open Travel Group, announced insolvency. In December, the airline started flights again.

(PLN 1 = EUR 0.256)

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