XL Airways France (Paris CDG) has reverted to being a wholly French-owned company after a local court ruled the US-Swiss investment firm, Beachside Capital LLC, had failed to fulfil their commitments as mandated under their 2012 investment agreement.
France's Air Cosmos newswire says the exact nature of the dispute between the airline and the investors was not revealed publicly but noted that the airline had exercised its rights as prescribed under French law.
Having already bought sister carrier XL Airways Germany (Frankfurt International), Beachside acquired XL Airways France from Iceland's Straumur-Burðarás Investment Bank in 2012 with the then aim of developing it into a "strong airline in the European sky."
XL Airways says it will now begin searching for a new, sustainable, longterm partner capable of aiding the airline in its strategic goals.
The airline operates a fleet of an A330-300, two A330-200s, and two B737-800s on scheduled flights mainly to long-haul destinations in Africa, the Middle East, the United States and the Caribbean as well as leisure flights to medium-haul destinations around the Mediterranean.
