Romanian low cost airline operator Blue Air gave up five of its 11 planes and sacked 300 of its 800 employees, within a restructuring process that is due to end on November 1, said Gheorghe Racaru, strategy and development manager of the group Blue Air is part of.

According to Racaru, a fifth plane was returned on September 15 and transport capacity decreased by 40 percent. He said Blue Air representatives met with plane distributors and explained them that the company is facing financial problems.

Racaru said Blue Air will soon procure two planes with lower lease payments.  He highlighted that the airline's turnover will be of EUR 150 million in 2010, the same as last year, but 20 percent lower than estimates made at the beginning of the year.

Early September, Blue Air representatives said the airline will not launch new routes this year and that the company will undergo a restructuring program. They also said the airline had renounced four planes and it would cancel a part of its flights.

Mediafax