Austrian receives capital for all-round renewal

Austrian Airlines has been given the green light from Frankfurt for its Work Program that was presented in January. Parent company Lufthansa will support Austrian Airlines with a conditions-based capital increase of up to 140 million euros. The funds will be used to prepare the harmonization of the medium-haul fleet and the consequent restructuring. As part of this, a transition of the flying staff of Austrian Airlines to the collective agreements of Tyrolean Airways might take place. Therefore, according to officials, nothing will change for customers: Austrian Airlines will continue to be called Austrian Airlines after the restructuring phase and continue to operate a fleet of 80 aircraft to 130 destinations worldwide. It is planned to convert the cabin of the company’s entire long-haul fleet of 10 aircraft over the next upcoming winter. In total, 200 million euros will be invested over the next two years. Austrian CEO Jaan Albrecht said the following, “We now have the capital needed to implement our plan. Austrian Airlines will continue to be the largest domestic airline, but in a more modern and competitive setting. Its new cost structure will provide the basis for further growth in the Lufthansa Group.”(http://www.austrian.com)