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US educated at Princeton and MIT. His 30+ years experience, both in the US and Europe, spans executive management (culminating in positions of CEO and Chairman) and restructuring, strategic partnerships, cross- border investment advisory and privatization.
Mr Karatzas just completed a 3 year engagement, advising the Liquidator to wind down Olympic Airways, Greece’s flag carrier. He helped raise $34 mil from the disposal of aircraft and related assets, through a series of well attended and successful public tenders.
Before returning to Greece, Mr. Karatzas was Chairman of the Supervisory Board of Vienna listed SkyEurope Holding AG, the first Central European low cost airline. Mr Karatzas had advised a financial investor (a US hedge fund) in acquiring a principal stake in the company, through a c.€ 50 mil secondary public offering (SPO). In addition, Mr Karatzas originated and concluded a €10mil private placement by a local Austrian investor. As chairman, he implemented a financial and operational restructuring program, reducing losses by half while increasing revenues by 50%. However, the 2008 financial crisis led the largest shareholder to pull out, driving Sky into a liquidity crunch and eventual creditor protection and suspension of operations. Under his leadership SkyEurope was awarded “#1 Low Cost Airline in Central Europe” and “# 3 Low Cost Airline in Europe” by SkyTrax.
Before Vienna, Mr. Karatzas was managing director of Olympic Investors, LLC an acquisition vehicle to purchase Olympic Airways, being privatized by the Greek government. Was declared “preferred bidder” in 2005 but the government decided to abort. Olympic Investors pursued other airlines privatized by their governments (Cyprus Air, Bulgaria Air, and Malev Airlines).
Before that, Mr Karatzas worked in Investment Banking and Private Equity. As Head of Corporate Finance for the Athens affiliate of Altium Capital (spun off from private equity Apax Partners), he originated cross-border investments. He specialized on advisory on infrastructure concessions (airport and toll roads), including assembling the consortia of equity partners and lenders and structuring concession agreements.
Before that Mr Karatzas was Chairman & CEO of Olympic Airways, where he was recruited from the US to develop and defend the submission to the European Commission (EC) for state aid approval. He succeeded in securing approval despite the rejection that EC gave to the previous submission. He negotiated and won acceptance by all stakeholders (the Greek government, the unions and the EC). He instituted a major reorganization and cost reduction program which included manpower reductions and salary & work rule concessions from its unions- first time ever in OA’s history. In addition, he led the expansion into Southeast and Eastern Europe. Under his helm, OA achieved the best operating performance in its history.
Before returning to Greece to serve his military duty, Mr Karatzas as Director in SH&E Aviation consultancy, developed a worldwide practice in airline privatisations and cross-border strategic partnerships, completing acclaimed privatizations, achieving either high purchase price for the seller or deal clinching valuation for the buyer. Mr Karatzas developed a proprietary model for buyer/investor comparative evaluation and selection, which combines qualitative and quantitative criteria to evaluate, rank and select the best suitor. Albeit mathematically rigorous, it can be easily communicated and grasped by non-experts; in fact it was used in front of parliamentary committees to substantiate and validate buyer selection. Mr Karatzas advised both Governments and supranational institutions such as the UN, IFC and the World Bank.
Mr. Karatzas started out his professional career at PanAm (Pan American Airlines) where he was recruited out of graduate school as part of an executive development program.
Mr Karatzas has been featured in a number of professional journals (Airline Business, Airline Strategy, Air Finance Journal and Air Transport World). He has been a speaker at numerous conferences and lecturer on “airline startup & business plan development” workshops. Mr Karatzas attended undergraduate studies at Princeton University and graduate at MIT.
Mr Karatzas just completed a 3 year engagement, advising the Liquidator to wind down Olympic Airways, Greece’s flag carrier. He helped raise $34 mil from the disposal of aircraft and related assets, through a series of well attended and successful public tenders.
Before returning to Greece, Mr. Karatzas was Chairman of the Supervisory Board of Vienna listed SkyEurope Holding AG, the first Central European low cost airline. Mr Karatzas had advised a financial investor (a US hedge fund) in acquiring a principal stake in the company, through a c.€ 50 mil secondary public offering (SPO). In addition, Mr Karatzas originated and concluded a €10mil private placement by a local Austrian investor. As chairman, he implemented a financial and operational restructuring program, reducing losses by half while increasing revenues by 50%. However, the 2008 financial crisis led the largest shareholder to pull out, driving Sky into a liquidity crunch and eventual creditor protection and suspension of operations. Under his leadership SkyEurope was awarded “#1 Low Cost Airline in Central Europe” and “# 3 Low Cost Airline in Europe” by SkyTrax.
Before Vienna, Mr. Karatzas was managing director of Olympic Investors, LLC an acquisition vehicle to purchase Olympic Airways, being privatized by the Greek government. Was declared “preferred bidder” in 2005 but the government decided to abort. Olympic Investors pursued other airlines privatized by their governments (Cyprus Air, Bulgaria Air, and Malev Airlines).
Before that, Mr Karatzas worked in Investment Banking and Private Equity. As Head of Corporate Finance for the Athens affiliate of Altium Capital (spun off from private equity Apax Partners), he originated cross-border investments. He specialized on advisory on infrastructure concessions (airport and toll roads), including assembling the consortia of equity partners and lenders and structuring concession agreements.
Before that Mr Karatzas was Chairman & CEO of Olympic Airways, where he was recruited from the US to develop and defend the submission to the European Commission (EC) for state aid approval. He succeeded in securing approval despite the rejection that EC gave to the previous submission. He negotiated and won acceptance by all stakeholders (the Greek government, the unions and the EC). He instituted a major reorganization and cost reduction program which included manpower reductions and salary & work rule concessions from its unions- first time ever in OA’s history. In addition, he led the expansion into Southeast and Eastern Europe. Under his helm, OA achieved the best operating performance in its history.
Before returning to Greece to serve his military duty, Mr Karatzas as Director in SH&E Aviation consultancy, developed a worldwide practice in airline privatisations and cross-border strategic partnerships, completing acclaimed privatizations, achieving either high purchase price for the seller or deal clinching valuation for the buyer. Mr Karatzas developed a proprietary model for buyer/investor comparative evaluation and selection, which combines qualitative and quantitative criteria to evaluate, rank and select the best suitor. Albeit mathematically rigorous, it can be easily communicated and grasped by non-experts; in fact it was used in front of parliamentary committees to substantiate and validate buyer selection. Mr Karatzas advised both Governments and supranational institutions such as the UN, IFC and the World Bank.
Mr. Karatzas started out his professional career at PanAm (Pan American Airlines) where he was recruited out of graduate school as part of an executive development program.
Mr Karatzas has been featured in a number of professional journals (Airline Business, Airline Strategy, Air Finance Journal and Air Transport World). He has been a speaker at numerous conferences and lecturer on “airline startup & business plan development” workshops. Mr Karatzas attended undergraduate studies at Princeton University and graduate at MIT.