Air Peace Management on Monday, said the reason it fired some of its pilots and supporting staff, was due to the crippling effects of the Coronavirus pandemic.
The company disclosed this known in a statement in Lagos, adding that it took the “very painful, but rightful decision.”
It also stated that the decision was taken for the betterment of the company.
The statement read “The airline could no longer afford to trade the path of being unable to continue to fulfill its financial obligations to its staff, external vendors, aviation agencies, maintenance organizations, insurance companies, banks and other creditors.
“Hence, the decision to restructure its entire operations with a view to surviving the hard times.
“The pandemic has hit every airline worldwide, so badly that it has become very impossible for airlines to remain afloat without carrying out internal restructuring of their costs.
“Anything short of what we have done may have lead to the collapse of an airline which led to reviewing of salaries being paid to all staff.
“The new salaries reflect a 0-40 per cent cut of the former salary depending on the salary grades of every staff.
“Even after the cuts, it was still obvious that for us to be able to sustain our operations and survive the difficult times, some jobs must inevitably have to go.”