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Korean Air provides lifeline for struggling Czech Airlines


Korean Air has taken a 44 percent stake in Czech Airlines, providing a lifeline for the loss-making state-owned carrier and giving the Korean group a bigger presence in Europe.
Korean Air has taken a 44 percent stake in Czech Airlines, providing a lifeline for the loss-making state-owned carrier and giving the Korean group a bigger presence in Europe.
The Czech state had wanted an outside investor to help its loss-making airline restructure and cope with difficult conditions in Europe as a result of the economic crisis, high fuel costs and competition from low-cost airlines such as Ryanair.
Smaller airlines in central Europe have had a tough time in Europe’s economic downturn, with Austrian Airlines taken over by Lufthansa, Hungary’s Malev gone bankrupt and Poland’s LOT struggling with mounting debts. ....

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