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Published: 27 february 2013 17:08

Lithuanian charter carrier Aurela stops flights

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Andriaus Vaitkevičiaus / 15min nuotr. / Aurela
Aurela, a Lithuanian charter carrier owned by Cyprus-registered Servolian Investments, has stopped operating flights after the Lithuanian Civil Aviation Authority (CAA) suspended its license last week.

The operating license will be renewed if the company improves its financial situation by the end of May.

The CAA's decision of February 18 to suspend the license has been published in the Seimas' (parliament) legislation database.

"The company did not comply with the key requirement for an air carrier to be able to meet its existing and potential obligations for a 12-month period. In such a case, the operating license is suspended or revoked. This is why the decision to suspend the license was made," Kęstutis Auryla, the director of the CAA, told BNS.

"The company has been given until May 31 to restore its equity capital, to ensure that its liabilities do not exceed its assets and to restore its liquidity to optimal levels," he said.

Auryla said that Aurela had virtually ceased flight operations before the suspension.

Valdas Barakauskas resigned as CEO of Aurela in late November. He then told BNS that his attitudes differed from those of the company's shareholders.

Servolian Investments purchased the charter carrier in July 2011.

Aurela turned a net profit of 5.811 million litas (EUR 1.68m) for 2011, versus a loss of 8.029 million litas in 2010. Sales revenues in 2011 slumped down to 24.119 million litas.

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