Type
Bankruptcy
Country
Greece
Region
Location of affected unit(s)
Sector
Transportation / Storage
Land, Water And Air Transportation
Water Transport
50 - Water transport

780 jobs
Number of planned job losses
Job loss
Announcement Date
24 September 2009
Employment effect (start)
24 September 2009
Foreseen end date
25 September 2009

Description

GA Ferries, one of the leading passenger line companies, suspended its fleet routes and 780 employees lost their jobs. Creditors have arrested all eight of the company's ships because of default on accumulated debt of €19M. The money is owed to banks, bunker suppliers and the Piraeus Port Authority.

Competition in the Aegean market from more modern ferries has forced GA out of some lucrative routes. For the past two years, it has operated subsidised lines to remote islands.

GA Ferries employed more than 600 workers in the passenger line sector, 80 in seafaring shipping and 100 employees at the group's headquarters.  


Sources

Citation

Eurofound (2009), GA Ferries, Bankruptcy in Greece, factsheet number 69609, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/69609.