Restructuring events
European Restructuring Monitor (ERM)
The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Due to a judicial decision all 570 XL Airways’ employees will be dismissed by the end of October 2019. On 3 October 2019, Commercial Court of Bobigny has pronounced the judicial liquidation of the company after the rejection of the last takeover proposal, as the offer has been considered inadmissible.
The works council lawyer expressed the view that the establishment of low-cost airlines on French territory, which do not follow the legal minimum in terms of legislation has allowed and even facilitated the liquidation of the company. In addition, the company's CEO regrets that XL was placed in strong competition with companies that offer fares below market prices.
In 2018, XL Airways carried 730,000 passengers with four Airbus A330s. It mainly served North America, notably the United States, the West Indies and Reunion Island, but also China.
Eurofound (2019), XL Airways France, Bankruptcy in France, factsheet number 98774, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/98774.