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07 August, 1999
Olympic Airways' (OA) management yesterday received assurances from the European Transportation Committee that approval for an OA share capital increase will be issued in 10 weeks' time, allowing for the prior completion of a business plan to restructure the debt-ridden airline.
In addition, new OA managing director Rod Lynch briefed EU officials on the progress regarding the state-owned national carrier's relocation to the new Athens airport at Spata, saying the Greek government had decided to reimburse OA for its relocation costs.
According to sources, approval for OA's third 7.8-billion-drachma share capital increase is very probable.
Source: Athens News Agency