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Eritrea Bound Fly Olympic files for bankruptcy


Fly Olympic Passengers landing in Asmara 



Eritrea Bound Fly Olympic files for bankruptcy 

By CapitalEritrea,


Flight Travel Organizer Aer Asian Pacific Around The World Travel Ltd, also known as Fly Olympic, has filed for bankruptcy.

Approximately 500 to 600 passengers are stranded in Somalia, Iraq and Eritrea because of cancelled flights, says Sweden’s Consumer Protection Agency.

Fly Olympic said in a press release that it had tried to find a solution for its financial difficulties for two weeks, but at the end had to file for bankruptcy at 16:00, Tuesday the 29th of July 2014 after 25 years in business.

“The new operation to Africa performed dramatically below all reasonable expectations, and the losses sustained were too great for a company of our size to survive. We had discussed with several investment groups over the last 10 days in a bid to save the company but unfortunately time ran out.“, the air tour operator’s website states.

The carrier cancelled all flight schedules and all reservation and plans to appoint an administrator to take over the company’s operations.

Passengers are advised to contact the airline operating the flights physically in the first place, says the consumer agency.

Fly Olympic did not operate the flights itself, but was rather a so-called air tour operator, who leases aircrafts and crews from other airlines or leasing companies.

Thus stranded passengers should first contact the airline that would have operated the flights.

Ticket holders with future flight scan report claims to the liquidator appointed by the District Court in written form and copies of receipts as prove of costs and expenses incurred.

Forms can be found under following link Swedish Consumer Agency


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Eritrea Bound Fly Olympic files for bankruptcy Reviewed by Admin on 1:22 AM Rating: 5

61 comments:

  1. Hello Turkish AirAugust 2, 2014 at 1:27 AM

    Can't wait for Turkish Airline to start servicing Asmara-Istanbul.
    Voted Best Airliner in Europe for the last 3 yrs.

    ReplyDelete
  2. What a joke. Turkey Airlines will not last as well. Eritrea is a small economy to justify multiple airlines.

    ReplyDelete
  3. Surrender,give up your empty pride, use EAL with pride like the rest of Africa.

    ReplyDelete
  4. No way! We rather walk.

    ReplyDelete
  5. We might use it if it wasn't for your shortsighted leaders. We, Eritreans, don't hate. We collaborate with those you are not evil or submissive to evil powers.

    ReplyDelete
  6. Whats going on? How about our own? Cant we afford an airplane ? Why are we Eritreans no push for common interest like all people of the world? If all Eritreans abroad are given the chance they would ofcourse organise themselves and contribute to buy bond or lease a private chaterplane every season. As private business, the shareholders should be allowed to administer it from outside the country with professional Eritreans without any obstacle from the government as far as all shareholders abide by the law and fulfill their obligations. We need to give a chance to Eritrean businessmen instead of standing hoplessly for the mercy of outsiders. Think about it. We are the passengers and we can make it hand on hand.. Allow the private business from outside bloomish as Nasair from inside does. It is all for our growth and self-reliance. We can be the owners and the passengers.

    ReplyDelete
  7. No Abe,
    We are not that ignorants to help woyane gain on our hardgained money. As far as woyane do not abide by the international law and leave our territories, we are not in a position to make business with you guys. id sebeytey Hizu zwazeyeni ayfetun iye ilu sebAy.

    ReplyDelete
  8. "Live and Learn" I am sure a lot people want to be like they say Monday morning quarter back , on world we live in a lot company cook book they show there company states as its acceptable on different country when the fact is otherwise and they same token country like mine didn't have the resource to investigate their financial states when they trying to do good to their people they become victim so we appreciate the intension and we work for better tomorrow !!!

    ReplyDelete
  9. to Whaaaaaaaaaa....t ? What did you said. Turkey is big co. It does not depend on Eritrean economy. Its international operations are main backbone and Eritrean flights are additional. Do not worry about t urkey, you need to worry for your Ethiopian poverty. Ethiopia is the most poorest country with !15million people on hangouts, 20million do not go to bed empty or half stomach, 10million begging on the streets throughout the country. Only 30%of the population can live on the breadline. So you Ethiopian Mr whaaaaaaaaaaaa....t you better shut up. Your Ethiopia is the most poorest. Whyyyyyyyyyyy is it?

    ReplyDelete
  10. ayda/Lielte Aida,
    Read carefully, poor George is on the same hate wagon with you. I said drop dead your pride and fly EAL, EAL is already making 2.3 Billion ,it is not about tiny Eritrean business,I thought it makes sense. Fyi, you already consuming Ethiopian Coffee, Taf, Berbere, Ethiopian electric power via Sudan at a higher price when you could simply get it direct from Tekeze at a bargain price.We too buy Eritrean CD's and DVD's even though the quality is poorer lately. Short sighted narrow nationalism,hate,regionalism has no room in 21st century, is all about globalization,broader market and opportunity for all.

    ReplyDelete
  11. Anta hawuna....
    You are talking about Eritrea who is lead by a mafia regime. Your intentions are good but your comments would put you in jail if you were in Eritrea. Think about it? What you are talking about is free market and as all know the regime is anti free market.

    Until the regime is gone a solutions for the airline industry or for any industry in the country is impossible.

    ReplyDelete
  12. Bla bla blA you agame he wouldn't be in jail he'd be in a office giving ideas now shut the FUCK up and wait for the future

    ReplyDelete
  13. Amen to what you have stated. As an Eritrean I would love to fly from DC to Addis and 45minute to Asmara. Unfortunately that's not possible while Assias is a live. He is 75 years old we shouldn't have to wait long.

    Heck we are struggling with no airline and Ethiopia airline is 34b revenue airline. It's comman sense we should make peace and help each other to elevate our people out of poverty.

    ReplyDelete
  14. Moon ugum nice try. Go get you some fool

    ReplyDelete
  15. No thanks, even Ethiopians are boycotting EAL forget Eritreans jilajil Abe

    ReplyDelete
  16. sekhirki dikha? read carefully before your feedback

    ReplyDelete
  17. Mind your business Moon. Have some selfrespect and keep you at Mekele.net

    ReplyDelete
  18. Jimmy read carefully, i hate it when people do that.

    ReplyDelete
  19. You shut the fuck up! You are an opportunist. If you beleive in the regime go live under it's leadership. Your ass won't make it a day....you won't be able to type your comment in madote because there is no internet.

    Live by what you preach, go back to Eritrea and live there.

    ReplyDelete
  20. If your country is making 2.3 billion and produce Taf, coffee and Berbere, why still your country is #1 poor country in the world.

    ReplyDelete
  21. What did you say? It's common sense we should make peace and help each other to elevate our people out of poverty. Ha ha ha! Nice try. The best peace maker of 21st century. We trained woyane and brought them to power, however they bite the hands them. Even if woyane comply with EEBC final and binding decision, the GOE will never do business with a regime who subdued himself to the slavery system of the west. If you deceive me once shame on you, if twice shame on me.

    ReplyDelete
  22. They bite the hands that feed them.

    ReplyDelete
  23. Tigraway qomal 24/7 hanging around the Eritrean web .we know you have imfiriorty disorder but that much, LI 1000 HAMEMA HANTI FILIT ENDA BELU EYOM ZIZAREB SHAWIYA.
    Come on at list you are human, have some self respect.

    ReplyDelete
  24. There will be more another more harder than isias to keep qomalat agame out from our country.so sleep well there is no eritrea blood who doesn't hate qomalat

    ReplyDelete
  25. It is sad to see Eritreans getting stranded everywhere because of their own miscalculated moves against ethiopia. How come they can't even afford to run one single airplane as a sovereign country? Where did that empty bravado and cheap rhetoric "Yikalooooo kulu Di kaloooo" vanish? They could have been much better off by now if they hadn't erred terribly against the brave woyanes by pulling a trigger against them in and around bademe in 1998.
    Someone above said they trained the brave woyanes and put them in power!! LOL. The world has witnessed who the trainer and who the trainee were in the war of Bademe, Alitena, Bada, Bure, Zalambesa, Gemhalo, Teseney etc. The brave woyanes are leading Africa in every aspect while the poor Eritrea is on the verge of collapse and approaching extinction.
    Those eritreans who refuse to use the Ethiopian Air Lines ....their family are trekking on foot to cross to ethiopia. What a pardox!!!

    ReplyDelete
  26. Come on brother. Isn 't it the GOE with partnership of Weyane that killed killed Jebha. Now that GOE bleeded each other in the 98 war and you preaching to us ghedd and that. If Assias would announce tomorrow we are using Ethiopia airline you would be the first one to applaude the dictator. Open your eyes.

    Governments don 't come and go but the people of both country are there to stay.

    If we were to have peace between both countries wouldn't it benefit both coubtry for us to use their airline ?

    We are importing electric from Sudan which Sudan imports it's electric from Ethiopia. So how is that different from us using their airline are buying electric from them. It 'a business man.

    ReplyDelete
  27. I feel sorry for those who are stranded and those who might sustain a financial hit. I hope your problems will be sorted out soon.

    I second Wisdom's position. I don't know if there is a functioning ERI airlines. If not it is a shame and is a failure of ERI government. ERI needs an airlines very soon because it is good for business:

    1.There is a great market for it b/c of large eri diaspora.

    2. Location is great. It is located in the largest continent in the world, Africa. It is close to the largest market in the world, European Union, rich oil producing middle east and one of the most populated countries in the world, India.

    3. It is a pretty country so potentially a superb tourist location.

    4. Eri airlines need to wrestle business away from ethio airlines, which is the cash cow of ethio dictators. Taking ethio dictator's lunch is noble and cool thing to do. Also, an economic war directed against your nemesis is sometime more lethal than weapons. WHATEVER YOU DO NOT FLY ETHIOPIAN AIRLINES. IT IS LIKE GIVING WEAPON FOR YOUR KILLER. HELPING YOUR DANGEROUS ENEMY IS BEING A FOOL AND SUICIDAL.

    5. Before 1998-2000 war, the majority of ethio airlines employees were people of eri origin. There lucrative job was stolen by people of tigrai origin after eri folks were deported. Eri gov need to search and locate those skilled people of eri origin and offer them an attractive term to participate in the development of a state of the art eri airlines that will kick ethio airlines ass.

    6. I am a private enterprise kind of guy. In the long run it is better to get the gov out of airlines business. For starters, it is reasonable to have gov-private partnership.

    7. I second Wisdom's statement in quotation, "As private business, the shareholders should be allowed to administer it from outside the country with professional Eritreans without any obstacle from the government as far as all shareholders abide by the law and fulfill their obligations. We need to give a chance to Eritrean businessmen instead of standing hoplessly for the mercy of outsiders. Think about it. We are the passengers and we can make it hand on hand.. Allow the private business from outside bloomish as Nasair from inside does. It is all for our growth and self-reliance. We can be the owners and the passengers."

    ReplyDelete
  28. Fresh graduate from the school of terrorism and hate mongering(Sawa)? You sounds like pumped cadre with little or no common sense.If you are interested in Ghedli history,read from independent source and perspective,you have the opportunity to enlighten your self. If HIGDEF was capable of teaching, training,feeding,,,bla,bla... they would have proved it to you in the past 23 years of Independence. to the contrary,every institution is disintegrating(save the Jails),every factory built by Italians ,The King,and the Derg shutoff,no running tub water,no electricity..fyi .all were effectively running during the Derg. What has HIGDEF built beside Sawa and the infamous Jails?Tihti Kirsi that no one can see?Unless you are profiting from the system, I mean from organ in trading and human trafficking,you wouldn't dare say what you said. A Ship/boat loaded with unknown number of Eritrean refugee disappeared a month ago, do you understand what that means? do you know who is responsible for the genocidal crime?

    ReplyDelete
  29. Amich,
    you are not that stupid? boycotted business doesn't make profit of 2.3 Billion.
    EAL profit was up by 178% in 2013.

    ReplyDelete
  30. dem suwuatna yfdekhi AQATARIT !

    ReplyDelete
  31. You must be reading Dimtsi Hafash daily?

    ReplyDelete
  32. Then stay stranded on transit until your dream comes true.

    ReplyDelete
  33. The organ traders are LOL.

    ReplyDelete
  34. Nice try gual mekele

    ReplyDelete
  35. Meles screamed his lungs off like you do now, where is he ? :)

    ReplyDelete
  36. why are you 24/7 here Abe? Eritrea do not need your help neighbor. Move out !

    ReplyDelete
  37. Amen,
    A win win settlement of difference is the only way out bro.

    ReplyDelete
  38. Much better than lick your smelly shoes

    ReplyDelete
  39. FYI, ERI airline, Eritrean government are both financially and morally bankrupt and none functioning.You need to think deeper.

    ReplyDelete
  40. Thanks to your likes....

    all this luckied to save their lives calling themselves Eritreans :)

    http://ayyaantuu.com/horn-of-africa-news/ethiopia/ethiopia-millions-of-oromo-and-somali-suffering-genocide/

    ReplyDelete
  41. and you call ur self smart? half smart.

    ReplyDelete
  42. you do not understand how much we hate you idiot!

    ReplyDelete
  43. Sorry,EAL has no time to wast, it has a vision, vision 2025.

    ReplyDelete
  44. The truth, I am not doing it for Eritrea,Ethiopia alone can not create an Island of peace and prosperity with out its neighbors,you have to catch-up.

    ReplyDelete
  45. Too proud to see the truth. You may regret it soon. teregmehal telo siqayun tayewaleh ingdih.

    ReplyDelete
  46. You are right Abe, our dummies abroad are helping to faten woyane pockets. They buy your products injera, berbere, bun and travel to Addis to spend their vacation, make business with Ethiopia and never think of the consequences of the BIG damage they are doing to Eritrea and Eritreans.Some of them even ask their young relatives to leave the country to Ethiopia and are ready to help them out through trafficers.


    Woyanes are playing Eritreans both ways. First you make us hate eachother through political prostitution, region and religion and then wide open your doors for the dummies to make your business bloomish. You have your shops allover the world selling music (copying Eritrean Artists) traditional dress (even Amhara abroad are fooled and buy from woyane cooperatives EFFORT) that put their relatives at home in jail.


    We should all BOYCOTT all business to make woyane suffer like they are enjoying on our people's suffering.


    Woyane smuggle young Somalis, Oromos and Eritreans to tgray. You squeez their relatives abroad (the cash-cow) to pay you millions of dollars with the help of Assena propaganda, at the same time you gain millions of dollars from the UN. You rape our girls and differentiate Eritreans by region to give priority to those you believe serve you more and damage the lives of the rest. You take their Eritrean ID cards to give it to Tgrayans abroad to gain asylum in the name of Eritreans. You sell Eritreans to trafficers to lead them to the wrong direction systematically, when they reach the sudanese border make them pay another thousands of dollars and hand them over to your colaborators in Sudan where they get forced to pay another sum to cross through sahara to Libya or Sinai to endup on cruel crimials hands who operate off their kidneys and throw their bodies on the desert. You gain Billions selling their kidneys to some good paying hospitals in secret.


    You have done a lot of damage to all people of the Horn and not only Eritreans. The camps in tgray are like SLAUGHTERING POINT of all neighbors Eritreans, Somalis, S.Sudanese, Kenyans and even Ethiopian origin Somalis and Oromos.


    Tgray is disgrace of Africa with DARK HISTORY ! You will soon reap what you saw !
    Time will tell.


    .

    ReplyDelete
  47. Oromo people are coing to hunt you from inside your rathole bitch !

    https://www.youtube.com/watch?v=UWt8NtEOUpw#t=12

    ReplyDelete
  48. Betam yasaznal wendme,
    I was the supporter of the Ethiopian Government sofar but I am ashamed and angry to see my people suffering because of this ugly tribalist regime. I am extremely angry of those who colaborate with woyane be it Somali or Eritrean and help him to grow and loose his sight. You will pay the price soon.
    My support to woyane endup today !!!

    ReplyDelete
  49. You must be from the Moon as you name states. Oh by the way do they have SLAVES in the Moon. They must have b/c ONCE A WILLING SLAVE ALWAYS A SLAVE. I know when you were in planet earth you were a PROUD SLAVE OF ETHIOPIANS WHO COLONIZED ERI STARTING EARLY 1960'S. You are a sell out Eritrean who sleeps with the enemy, ethio gov, looters and destroyers of people of eri's wealth and property. You are the enemy and cancer within.
    Just b/c you hate and don't approve of eri leadership, it doesn't mean you have to support its nemesis, ethio gov. In my opinion both are bad. The difference is the degree of their badness. Eri gov knowingly and unknowingly screws the life and aspiration of eri people all over the globe. Ethio gov knowingly screws the life and aspiration of Amhara, Oromo, Somali, Southern tribes and all other ethio tribes expect Trigai. Ethio gov unknowingly screws the life and aspiration of trigai people. Whereas eri gov screws only its people, ethio gov screws the life of eri, Somali, sudan , Djibouti, Kenyan people. Therefore ethio gov is 100x more dangerous and lethal to the well being of East Africans than Eri gov.
    Regarding the 34 billion ethio airlines revenue, I don't believe it until you show us some prove. Moreover, what matters most in a company is its profits, cash reserve and debt load. I am sure ethio airlines is in debt upto its eyeball. In other wards they are drowning in debt.
    Ethio airlines is gov owned. MONEY FROM Heavy tax imposed on the hard working ethio people, begging aid money, loot from neighboring countries, illegal drug exports and mercenery military service on behalf of western interest to destroy/kill people of Somali origin, IS USED TO RUN ETHIOPIAN AIRLINES.
    Last but not least, Ethiopian airlines pays most of its crew including pilots and hostess at local standard, whereas most other airline employee are paid by international standard. In other wards, a hostess in Ethiopian airlines gets paid about 20-40x less than an average hostess in other parts of the world. Most of the profit, if any, goes gov party leaders.

    ReplyDelete
  50. Atyao hasas Agame
    If you think your disgraced weyane won, why your general Tsadkan cried like a bitch.

    ReplyDelete
  51. Kicking Jebha ass from Eritrea sped the liberation of Eritrea. No peace at all with weyane. What is his name the guy who is now six feet under who said even if we don't like the color of the Eritreans eyes we have the right to kick them from Ethiopia. By saying that nobody in Eritrea trust and do business with Weyane. The ultimate solution is let eradicate the minority regime in Addis Abeba with its puke lickers then both countries could work out how to live in peace and harmony. Eritrea can do business with any countries. What's wrong buying electric from Sudan? It is better to do business with the trusty GOS than Dedebit flies.

    ReplyDelete
  52. Deki Eri
    I promised you last time to send you a fly swatter and I told you one fly swatter was capable of killing fifty Dedebit flies. Now, When I see many Dedebit flies are hovering over Madote forum, I upgraded the capability of the swatter and it can kills 100 Dedebit flies in a split second.

    ReplyDelete
  53. Atayo Sahsah Agame;
    Your suffering from inferiority complex that's why you are wandering like hungry hyena 24/7 in Eritrea web site. Please, hang out with your won kind, agames.

    ReplyDelete
  54. Unless you tell me the proof of winning is in the running and abandoning all the lands under one's control, the brave woyanes have beaten you through and through until 45 km deep inside your own territory.
    For the question why General Tsadkan cried, it was only in the heads and minds of your bloggers and the fiction writer "Tesfay G/ab". You guys are smart in saving your faces by concocting fictitious stories to appease and comfort the deeply wounded psyche of your own people. Otherwise why don't you ask any of your "yikallooooos" if there is anyone left by any chance.


    ሃሎ ሃሎ መኒኻ አብቲ ማዕዶ
    እንተንሓተካሲ ምመለሽካልና ዶ ?
    ንስኻ ዲኻ ሓቀይ ይካኣሎ
    ዝተረፍካ ካብ ሞት ኣብ ገምሃሎ?
    እስቲ ንገረና ውዕሎ ናይ ባድመ
    መን ስዒሩ መን ከምዝሃደመ


    ሕራይ እምበር ደስ እናበለኒ
    ሓደራዂም ከይትጓዱኡኒ
    ሕቶ አኽቢድኩም ከይተቅንዝውኒ
    ዘይሓወየ ከቢድ ቁስሊ ለኒ

    አብ ባደመ ቦምባ ዓሊቡኒ
    ጥይት ከም ማይ ብዙሕ ዘኒቡኒ
    ንስክላያ ህይወተይ ተሪፋ

    ወዲ ሃገር ኩላ ተረፍሪፋ
    አነ ግና አለዂ ብተስፋ
    ንዘመነይ ብጓሂ ከሕልፋ


    ከመይ ነይሩ ኢልካ ሓቲትካኒ
    ከም ብዋዛ ቁስለይ ጎዲእካኒ
    አይትብከይ እንድዮ ዘብክየኒ
    ዝኾነን ዘይኮነን ዘህስበኒ
    ከመይ ነይሩ ኢለሞ ክብለካ

    ሓቂ ድዮ መልሲ ጠፊኡካ ?
    ግደፍ ግደፍ ኣይኮነን አይፋልካን
    ከምዚ ሕቶ አይትሕተት ይትረፍካ


    ሰብ ፀኒቱ እናረአኻዮ
    ዘርሞ ዘርሞ ኮይኑ ናትና ዕዮ
    ዓዲ ንኽትበርስ ቁሩብ ተሪፍዋ
    ጠጠው ምባል ከም ሃገር አቢዋ
    ደቃ ተሰዲዶም ብየማን ብፀጋም
    መንሽሮ በጺሑ ናይ ሃገርና ሕማም
    ህዝቢ ከመይ ኣሎ ኢልካ ክንዲ ምሕታት
    ብፅንኩር ክትፈልጥ ህልዊ ኩነታት
    ዘመናት ዘህለፈ ናይ ባደመ ውዕሎ
    ሎሚ ንገረና ኢልካ ዘረባ ሎ?
    ሐቂ እንተደሊኻ ክትፈልጥ ታሪኽካ
    ጀጋኑ ሕቶቶም ባድመ ወሪድካ
    አብ ኢድ መን ምኻና ሽዑ ክትርኢ ኻ::


    ይበል ይበል ይካአሎ ...... ግርም መልሲ!!!!!!!!!!!

    ReplyDelete
  55. Good for you. You have made the right decision. Join our fight to overthrow, by any means necessary, the evil ethio government. Welcome onboard.

    ReplyDelete
  56. You said, "Tigraynas working in and/or with access to multiple eri refugee sites in ethio TAKE ID CARDS OF ERI REFUGEES TO GIVE/SELL IT TO TIGRAYAN ABROAD SO THAT THEY ARE ABLE TO GAIN ASYLUM IN THE NAME OF ERITREANS." This is a CRIME AGAINST HUMANITY. What is UN doing about monitoring and investigating this CRIME AGAINST HUMANITY. Or is the UN employees getting a cut from this criminal activity. Being a refugee is the worst state of human existence. By delaying their asylum application process by years, this evil/criminal/devil/blood sucker tigrayan elite, are prolonging the suffering of the poor refugees and in the process causing some of them to commit suicide, leave the camp and attempt to cross the dangerous SAHARA desert.
    Something ought to be done about it as soon as possible. My suggestions are as follow:
    1. Write a letter to UN asking them to investigate and establish a process to weed out corruption. Perhaps hire an independent monitoring body whose sole purpose will be to weed out corruption and cheating. All criminals should be punished to the highest extent.
    2. Close all eri refugee camps in ethio as soon as possible since it is a very dangerous place for the refugees and transfer them perhaps to Sudan. I PREFER THIS OPTION B/C I DON'T THINK THE UN IS ABLE TO SOLVE THE PROBLEM.
    3. Eri gov need to close the border with ethio. May need to build impenetrable wall. Also station soldiers along the border to prevent refuges from entering ethio. Educate eritreans thru all eri media source available that ethio refugee camp is the MOST DANGEROUS PLACE ON PLANET EARTH. THAT THEY WANT GET AN ASYLUM. IT IS A HOAX AND THERE IDENTITY WILL BE SOLD TO THE HIGEST BIDDING PERSON OF TIGRAYAN ORIGIN. AT THE CAMP DAILY STARVATION IS THE NORM. THE CHANCE OF YOU DYING A MISERABLE DEATH IN THE CAMP IS VERY VERY HIGH.

    ReplyDelete
  57. Thousands of Tgrayans already gained asylum allover and bring their families abroad from inside tgray in the name of Eritrea (as if they been refugees in Mai Ayni or shmelba). No more secret. The worst part woyane send his undercover to follow all the way with Eritreans/Somalis in the same boat, where all malaria, scubb, HIV is transmitted easily and mix themselves by marriage. The innocent young of the Horn are lost in between with all horrible challenge they are facing through these days. The so-called "Eritreans" who support woyane allover are not what we assume them to be. They are woyanes on flesh but in sheepskin.

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  58. Heck with airlines and politics. That girl in the red dress has nice legs deki erey.

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  59. Airline collapses leaving UK passengers with worthless tickets

    New airline Fly Olympic AB, which was selling flights from London to Africa via Sweden and Greece, has cancelled all its services and filed for bankruptcy.

    It claimed that after two weeks of trying to find a solution to its financial difficulties, it has decided to throw in the towel.

    It blamed a new operation to Africa which 'performed dramatically below all reasonable expectations' for the failure.

    It offered flights from Gatwick to Eritrea and Somalia via Stockholm and Athens, which were featured on Skyscanner, but it began cancelling services several weeks ago leading to speculation that the airline, which launched in February, was a scam outfit.

    A statement on the airline's website, headed Theend [sic] said: "The losses sustained were too great for a company of our size to survive.

    "We had discussed with several investment groups over the last 10 days in a bid to save the company but unfortunately time ran out.

    "All flights are cancelled and all reservations are therefore also cancelled."

    An administrator will be appointed as soon as possible to take over the running of the company, it said.

    The CAA said the flights were not covered by its ATOL scheme.

    Instead, it said passengers who booked directly with the airline via a credit or debit card should contact their card provider.

    Passengers who purchased Scheduled Airline Failure Insurance (SAFI) should contact their insurer.

    Passengers who booked through a travel agent are being directed to them in the first instance.

    Passengers who paid by any other means will need to make a claim request via Economy@FlyOlympic.se as advised on Fly Olympic's website, said the CAA.

    UK customers currently abroad are advised to make alternative arrangements with other airlines.

    http://www.travelmole.com/news_feature.php?news_id=2012654&region=2

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