Olympic reassures trade as Strategic parent fails

Olympic reassures trade as Strategic parent fails

Olympic Holidays has moved to reassure the trade after the Australian parent of an airline contracted to provide its charter flying this summer collapsed.

Eastern Med specialist Olympic turned to charter carrier Strategic Airlines a year ago when relations with Monarch Airlines broke down. It flew charters for Olympic last summer and will do so this year.

Strategic is a subsidiary of Brisbane-based Air Australia, which went into administration last Friday. The collapsed budget carrier, launched in November, was the scheduled operation of Strategic Airlines Pty, registered in Australia. The Strategic Airlines used by Olympic is a charter subsidiary of the same group registered in Luxembourg.

Olympic commercial director Photis Lambrianides said: "We deal with Strategic Airlines registered in the European Union." He said Air Australia and Strategic Airlines in Europe "are not linked". Lambrianides said: "We have no problems with them." He added: "Olympic is insured for every eventuality."

Strategic Airlines was set up in Europe in 2009, originally in France, as a subsidiary of Australia’s Strategic Airlines Pty. It operated as Strategic Airlines France until the French regulator withdrew its licence in September 2010, when Strategic switched its registration to Luxembourg. Insurer International Passenger Protection (IPP) confirmed it withdrew insolvency cover for Strategic Airlines in November. A CAA spokesman said: "Our understanding is the European-based Strategic Airlines continues to operate."

However, the Australian administrators said they were investigating the company’s assets in Luxembourg.


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