EgyptAir Holding Company has signed a contract with Bain & Co, an American company that specializes in the development and restructuring of companies and economic entities, to provide consulting, technical and administrative solutions to EgyptAir. An official source at EgyptAir told al-Mal news website that the restructuring strategy will be implemented in two phases. The first phase will include preparing and studying the restructuring of the holding company and its subsidiaries. Meanwhile, the second phase will include the implementation of the plan and reaching the desired goal, according to the source. In earlier remarks, Egyptian Minister of Civil Aviation Younis al-Masry confirmed that there is a plan underway to restructure EgyptAir Holding Company, which includes the incorporation of nine subsidiaries into two or three companies, thus rationalizing expenses.

Source: Egypt Independent December 24, 2018 12:00 UTC