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Estonian airline ceases operations after EU ruling on aid

Published by Business Insider on Sat, 07 Nov 2015


COPENHAGEN, Denmark (AP) ' Estonia's national carrier is immediately ceasing operations after the European Union ruled that the Baltic nation's carrier had illegally received state aid, a decision that put it out of business.EU Antitrust Commissioner Margrethe Vestager says the aid breached EU rules. Vestager said Saturday the small airline must pay back "about 85 million euros ($92.1 million) plus interest" to Estonian taxpayers.Estonia already has earmarked 40.7 million euros ($44.1 million) as an initial capital for a new, fully state-owned carrier. Under the plan, domestic and foreign investors would be allowed at a later stage.Since 2009, Estonia has injected nearly 60 million euros ($65 million) into Estonian Air to keep it flying.On its website, Estonian Air said it will cease operation as of Sunday.Join the conversation about this story
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