We pride ourselves on our collaborative and flexible appoach

Maddox and Air Malta

  • December 4th, 2012

Maddox Consulting is currently part of the strategy team working on the restructuring of Air Malta, the Government-owned national airline of Malta, directly advising the CEO and Chief Restructuring Officer on major strategic issues. In particular, Maddox Consulting role has focused on the following main areas:

Restructuring plan

Preparation and presentation of the full Restructuring Plan to the European Commission for approval of the State aid case. The presented Restructuring Plan has been successfully approved by the Commission and is currently being implemented. The Restructuring Plan in particular provides detailed analysis of the competitive environment, the issues affecting Air Malta, the path to recovery, the revenue and cost initiatives, the debt and equity recapitalisation plan and the 5 year financial and operational plan.


Successful negotiation of a bridge loan with a syndicate of international banks and of a commercial loan partly securitised through landing slots, amongst the first in Europe. Negotiation with Government for scheduling a number of equity issues to provide Commission approved state aid.

Maintenance renegotiation

As part of the implementation of the restructuring, provided commercial and financial advisory for the renegotiation of the heavy maintenance contract, resulting in substantial financial savings for the airline.

Network review

Conducted a review of the entire scheduled and charter network of the airline with the aim of establishing profitability by route. The analysis was used both for network improvement maximisation and for establishing suitable compensatory measures requested by the Commission as part of the state aid case.

Fleet reorganisation and sub-leasing

Reduced the operational fleet by negotiating sub-leasing of surplus aircraft, both long-term dry leasing and seasonal wet/dry leasing. Conducted financial analysis of the existing options and advised in the commercial and legal negotiations.

Subsidiaries divestments

Organised sale process for a number of subsidiaries as part of the Restructuring Plan, including the Malta inbound and outbound tour operators, a Maltese hotel and the captive insurance companies.

Leave a Reply

Your email address will not be published. Required fields are marked *