Air France and the Dubreuil group did not submit any new takeover offer for Aigle Azur after the first one was rejected by the Commercial Court of Evry. Only four bids were filed.
After an unsatisfactory first round of bids, the Court gave until September 16, 2019, for new offers to be submitted. Seven of them were sent, yet none were selected. Interested bidders now have until September 23, 2019, as the definitive decision from the Court to be announced four days later.
Throughout the weeks, Aigle Azur’s situation turned out to be worse than expected, and it now appears that the company is at a loss by at least €140 million.
Air France and the Dubreuil group, the parent company of airlines French Bee and Air Caraibes, withdrew their prospect of submitting a common offer.
Lionel Guérin, Deputy General Manager of Air France and Philippe Micouleau, former CEO of HOP!, offered to invest €20 million and resume business while keeping 500 people in France. However, the two partners expect a loan of €15 million from the French state.
Other offers were submitted by Gérard Houa, shareholder of 19% of Aigle Azur, Vueling, the low-cost company of the group IAG, and another anonymous bidder.
Aigle Azur, in great economic difficulty, filed for bankruptcy at the beginning of the month, and suspended its operations on September 7, 2019. Shortly before, on August 26, 2019, then CEO Frantz Yvelin was evicted for two days from his position, before retrieving it with the help of the court. He resigned on September 4, 2019, stating “eventually, we cannot fight against everyone”.