Ryanair announces restructuring, posts 20 mn euro Q3 loss

Irish low-cost carrier Ryanair Monday announced a restructuring of the group which will have four airline subsidiaries, as it revealed a third quarter loss of 20 million euros.

Over the next 12 months, "a small senior management team will oversee the development of 4 airline subsidiaries; Ryanair DAC, Laudamotion, Ryanair Sun and Ryanair UK, each with their own CEOs and management teams," it said, adding that "Michael O'Leary has agreed a new 5-year contract as Group CEO.