French airline Aigle Azur has decided to file for bankruptcy and enter into receivership after a recent dispute between shareholders resulted in distrust and a deteriorating social climate. The airline is also facing financial difficulties.
The carrier's planes while continue to fly in the meantime, and passengers will not be affected.
The airline will look to sell a full or partial stake to potential buyers, following a six to eight week period. Bids are expected to be due by 15 September 2019.
Aigle Azur, headed by CEO Frantz Yvetin, is back in control following a coup by minority shareholder Gerard Hua. Yvetin is supported by China's HNA Group, who holds a 49% stake, along with David Neeleman, who holds a 32% stake in the airline.