Features of restructuring processes of airlines under the COVID-19 pandemic conditions

Abstract

In developing and increasingly competitive markets, companies rely on strategic plans reviewing and predicting potential risk factors. However, it is not always possible to foresee all threats. The COVID-19 pandemic paralyzed most economic sectors and hit the aviation industry the hardest. The first part of the article analyzes the concept of activity restructuring, its classification, reasons and essential stages of restructuring implementation. Based on the literature analysis, the qualitative expert assessment aims to identify the factors and criteria that determine the essential features of the restructuring process of airline companies in the context of the COVID-19 pandemic. It is wanted to find out which restructuring measures have saved airline companies during stagnation. From the chosen method of factor analysis, it can be seen that the airline companies started managing the pandemic with employee downtime and their reduction, state support and new unattractive markets contributed to staying in the market, and stabilization was determined by high-quality communication with shareholders and effective internal communication.