Atlantic Airways (RC, Faroe Islands Vágar) management has launched a DKK71million (USD13million) bid to acquire all outstanding shares in the company currently held by various private investors. Though the government was successful in its initial attempt to offload the first 33% stake in the carrier in 2007, a second move to offload an additional 33% in 2008 failed on the back of the Global Financial Crisis. As it currently stands, the Faroese government still holds the majority 66% stake. In its statement, the airline said that if the buy-back is successful, it will delist the carrier from both the Copenhagen and Reykjavik stock exchanges. The buy-back is also subject to various amendments of existing Faroese law as well as shareholder approval. Atlantic Airways operates three A319-100s and an ARJ100 on scheduled flights throughout Scandinavia and mainland Europe.