AirFastTickets: Suspension of services due to debt
Negotiations with the International Air Transport Association were started by the Greek company AirFastTickets, based in the USA, after the publication of a letter, which suspends its operation due to a debt of 45 million euros, but the company reassures there is no problem.
"Unfortunately, we inform you that we were forced to suspend the operation of the UK office of AirFastTickets, due to its inability to fulfill its obligations to the airlines within the specified time period for sales in May. At the same time, we suspended the operation of the office both in Greece and in Germany, due to the joint ownership structure" is mentioned in a letter sent to airlines.
AirFastTickets, which has been called for several weeks by the Union for talks to resolve the issue, reportedly was unable to make payments of 13.9 million euros for the United Kingdom, 22 million euros in Germany and 9 million euros for Greece. It should be noted, however, that the company continues to supply the U.S. market with tickets, as in the U.S. the jurisdiction is different.
From the side, the Greek company responded to reports with announcements stating: "AirFastTickets is in discussions on the payment terms of the bonds / letters of credit for amounts incurred as a result of rapid and substantial increase sales volume of the company. Discussions are ongoing and confidential, but we are confident that we will reach a mutually beneficial agreement.
The company remains financially stable and our operations continue normally". Meanwhile, the founder and CEO of AirFastTickets Nikolaos Koklonis said that the money owed are in bank accounts and the problem that has been created will be solved: "We are an international company and we have no problem. We have decided that the UK market is better for us to work with them, so we could continue our growth".
