The European Commission has allowed Air Malta to receive a €52 million cash injection in state aid.
Air Malta has forecast losses of up to €30 million for March 2015, the year in which the airline was originally expected to break even. Reports of the forecast losses come after the resignation of Air Malta’s CEO, Louis Giordimaina, just eight months after taking the post, and the earlier resignation of Chief Financial Officer Clare Brown.
The Maltese government finance minister described Air Malta’s restructuring process as “an experiment”, and that Air Malta was allowed a one-time injection which will “not happen again. It is very crucial that we get it right now because it Air Malta will not be allowed another chance for state aid.”