Tiger losing $2 m a week on Aussie suspension

Board asks CEO Tony Davis to solve Aussie grounding and promotes Chin Yau Seng to Executive Director to run existing operations.

Here is more from the late Sunday announcement :

On 1 July 2011, the Civil Aviation Safety Authority of Australia (“CASA”) instructed Tiger Airways Australia to suspend domestic services until Saturday, 9 July 2011. The cost impact of the suspension is estimated to be S$2 million per week.  

Having mitigated immediate passenger disruption to the best of its ability, the next priority for Tiger Airways Australia is to work with CASA to fully address their concerns.   The Company has taken the following steps:  

·         With immediate effect, the Board has directed Mr. Tony Davis, Group President and Chief Executive Officer of the Company, to focus on assisting Tiger Airways Australia to resume operations as soon as possible.

 ·         The Board has appointed Mr. Chin Yau Seng as an additional Executive Director with effect from 4 July 2011. Mr. Chin will work with Mr. Davis in providing oversight of the rest of the Company’s interests. The background of Mr. Chin is contained in a separate announcement released today.