Polish airline OLT Express Regional filed for bankruptcy on 27th July 2012. Following the bankruptcy announcement, OLT Express Regional ceased all scheduled flights. However, its sister company, an international freight charter operator, OLT Express Poland, continues operating.
Amber Gold owns OLT Express Regional, OLT Express Poland, and OLT Express Germany. The Germany operations are not affected by the bankruptcy; hence, OLT Express Germany will continue operating.
The company’s owners, Amber Gold, have announced that they are not able to provide funds for the company to continue with normal operations, and they are now looking for an investor to inject capital into the company. Amber Gold stated that they have so far invested about €52 million in the airline.
Amber Gold is reportedly in discussions with two potential investors, namely a non-Polish airline and a Polish aircraft leasing company.
In a separate matter, OLT Express Regional was in a dispute with the Polish Aviation Authority (PAA). PAA claims the airline had failed to submit its financial reports for 2011, and had provided an extension to end of July 2012, after which PAA was going to suspend the airline’s licence if the reports were not submitted. OLT Express claimed they submitted the reports.