The Moroccan Royal Airlines Company is one of the first Arab airliners to face the risk bankruptcy following last month terror attacks in the US, reported Al-Hayat. The company announced $80 million losses since September 11.
The severe situation urged the Moroccan government to allocate an immediate $100 million aid out of the FY2002 budget, in a bid to rescue the national carrier, which faces the worst crisis since it was established in 1957.
The Chief Executive of the Moroccan Royal Airlines, Mohamed Barada, said that his company is not intending to lay–off any of its employees, however, it will postpone a previously prepared Airbus and Boeing aircraft procurement scheme valued at $1.2 million.
The government debated last week other measures that might be undertaken in order to rescue the national air-carrier and other economic facilities that were damaged by the September attacks. — (Mena Report)
© 2001 Mena Report (www.menareport.com)
