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May 29, 2024
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Danish airline Cimber Sterling received a $31.9m lifeline and will be part of a new Nordic airline.  The smaller rival to SAS and Norwegian Air Shuttle confirmed its non-binding deal which gives Ukrainian billionaire Igor Kolomoisky a stake of about 70%.

Cyprus-based Mansvell Enterprises, 75% owned by Kolomoisky, recently acquired Swedish regional carriers Stockholm-based Skyways and Gothenburg-based City Airline. “Besides significantly strengthening the capital base of Cimber Sterling, it is the intention of Mansvell to create a leading Nordic regional airline,” Cimber Sterling said in the statement. “Mansvell will conclude a significant step towards this ambition.” Extraordinary costs incurred last winter, higher fuel prices and other cash tied up elsewhere had put pressure on the airline’s cash resources and left it “very vulnerable”, it said in the statement.

Are we seeing a new airline billionaire?  This could be fun to watch – let’s hope he is as much of a character as SRB.

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