Jat to implement cost-cutting measures
The tender for the sale of Jat Airways and Jat Tehnika failed because no-one was prepared to pay the asking price for a 51 percent stake in the company.
Friday, 07.11.2008.
16:39
The tender for the sale of Jat Airways and Jat Tehnika failed because no-one was prepared to pay the asking price for a 51 percent stake in the company. A week ago, the government adopted a set of measures for Jat to take to improve the situation at the company and make it more attractive to buyers. Jat to implement cost-cutting measures Jat Airways CEO Sasa Vlaisavljevic told B92 that the company had already begun applying these measures. The sale of Jat Tehnika, separated from Jat Airways three years ago, also fell through. Unlike Jat Airways, Tehnika did receive certain interest but no offers were ultimately forthcoming. The government recently adopted a series of measures to generate more savings in their business activities, while the company was also asked to compile a list of real estate assets that could be sold off. Jat was also told to settle its debts to the Serbian Oil Industry, the Flight Control Agency and Nikola Tesla Airport. As expected, the Tender Commission yesterday declared the tender for the sale of a 51 percent stake in Jat as failed. According to a statement from the Commission, the tender documentation was not purchased by a single company. Vlaisavljevic told B92 that part of the proposed measures were already being applied. “I’ve summoned all the representative trade unions and spoken to them,“ he said. “Of course, the hardest thing will be cutting staff numbers, of whom there are currently 1,800 on 16 aircraft. That’s too much,“ he said. “I can only say that I have met with complete understanding from the union representatives, and right now that’s the most important thing as they realize that the company’s survival is at stake, and these measures give us a chance to get through this air industry crisis,“ the Jat CEO said. Vlaisavljevic said that savings would be made by “returning our representatives from abroad, where we had 49 people, through to measures like reducing catering on flights, reducing management salaries by 5 to 20 percent, and selling off the company’s fleet of vehicles.“ “There are another seven or eight measures besides these,“ he added. The Jat Airways boss believes that it will be another two years before a successful tender can be organized, as the world’s biggest companies are currently battling for their own survival in the ongoing financial crisis.
Jat to implement cost-cutting measures
Jat Airways CEO Saša Vlaisavljević told B92 that the company had already begun applying these measures.The sale of Jat Tehnika, separated from Jat Airways three years ago, also fell through. Unlike Jat Airways, Tehnika did receive certain interest but no offers were ultimately forthcoming.
The government recently adopted a series of measures to generate more savings in their business activities, while the company was also asked to compile a list of real estate assets that could be sold off.
Jat was also told to settle its debts to the Serbian Oil Industry, the Flight Control Agency and Nikola Tesla Airport.
As expected, the Tender Commission yesterday declared the tender for the sale of a 51 percent stake in Jat as failed. According to a statement from the Commission, the tender documentation was not purchased by a single company.
Vlaisavljević told B92 that part of the proposed measures were already being applied. “I’ve summoned all the representative trade unions and spoken to them,“ he said.
“Of course, the hardest thing will be cutting staff numbers, of whom there are currently 1,800 on 16 aircraft. That’s too much,“ he said.
“I can only say that I have met with complete understanding from the union representatives, and right now that’s the most important thing as they realize that the company’s survival is at stake, and these measures give us a chance to get through this air industry crisis,“ the Jat CEO said.
Vlaisavljević said that savings would be made by “returning our representatives from abroad, where we had 49 people, through to measures like reducing catering on flights, reducing management salaries by 5 to 20 percent, and selling off the company’s fleet of vehicles.“
“There are another seven or eight measures besides these,“ he added.
The Jat Airways boss believes that it will be another two years before a successful tender can be organized, as the world’s biggest companies are currently battling for their own survival in the ongoing financial crisis.
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