In December 2012, after losing two international contracts, OLT Express Germany announced major cuts to its network, staffing and fleet as part of a reorganisation.
It ceased all operations on 27 January 2013 after talks with its Dutch owner Panta Holdings about a reorganisation plan failed. The company filed for bankruptcy on January 29. Panta Holdings also owns Denim Airways and the leasing company Mass Lease.
OLT Express was founded in 1958. It took over part of the insolvent Cirrus Airlines last year. Bremen, Germany was its main base with flights to Dresden, Saarbrücken, Münster / Osnabrück and Karlsruhe / Baden-Baden – and a number of other European airports. It had an older fleet (19 years on average) of 15 planes. 500 staff will lose their jobs. Bremen airport is looking for other carriers to fill the gap.
In response to the closure, a spokesperson for the Association of the German aviation industry stated that: “”The German aviation is in crisis”
Air Berlin has announced its intention to lay off 900 employees and Lufthansa are targeting about 4100 jobs.