Ryanair's Austrian subsidiary Lauda faces an 'existential crisis' and its main Vienna base appears likely to close at the end of May, group chief executive Michael O'Leary said on Monday.
FILE PHOTO: Ryanair Chief Executive Michael O'Leary addresses a news conference in Vienna, Austria, March 28, 2018. REUTERS/Heinz-Peter Bader/File Photo
Ryanair in recent weeks has warned that the Austrian airline, which it purchased in 2018, was underperforming and said its Vienna base would close unless unions accepted a new collective labour agreement. “As a result of the COVID-19 pandemic, Lauda is facing an existential crisis,” O’Leary said in a video presentation released alongside its full-year financial results, saying the only way it could survive was with a deep restructuring of the Vienna operation.
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