Saturday, June 30, 2012

Saving Montenegro Airlines

Government to provide cash to debt ridden Montenegro Airlines
The Montenegrin government is set to pump 36 million euros into the national carrier in order for it to carry out its restructuring plan. The government has also ordered the country’s two international airports, Podgorica and Tivat, to write off Montenegro Airlines’ debt to the tune of 9.7 million euros. In return, the state owned Airports of Montenegro will be given a certain amount of shares in the national carrier. Furthermore, the government will provide funds for one out of the four Embraer E195 jets in the carrier’s fleet, at price tag of 13 million euros. The Montenegrin carrier already receives 400.000 euros from the state budget on a monthly basis. The debt Montenegro Airlines owes to the Serbia and Montenegro Air Services Agency will be covered through compensation. The Montenegrin government will offer the Agency ownership over the three star Park Hotel in the town of Bijela on the coast.

Montenegro Airlines, which keeps most of its business operations a closely guarded secret, was forced to suspend flights to Priština and Skopje due to unpaid fees last year. The Montenegrin government has already written off over three million euros worth of the carrier’s debt and issued state guarantees for a 9.6 million euro loan in 2011. Recently, the carrier has been lobbying for an open sky policy across the former Yugoslavia, which would allow it to launch flights from Belgrade to other countries.

Meanwhile, the head of Podgorica Airport, Milovan Djuričković, was ordered to reduce his monthly salary, which was ten times over the national average. It has now been reduced, under the government’s order, to three average monthly pays. Djuričković, member of the ruling Social Democratic Party, is famed for employing many family and party members at the airport.

13 comments:

  1. @EX-YU AVIATION (LIVERY OF THE WEEK)Since when Aberdeen has been English city as it is stated in your article?

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  2. According this news Serbs and Montenegrins are still brothers! Key words are Montenegro directors with fat euro salaries and so many friends and family members from party. If you change words DPS and URS in sentence as a name of political party everything will be the same :))

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  3. Is there any airline in ex-yu that is even remotely healthy? It seems we read almost every day how this or that airline is struggling, receiving government bailouts, loans, cash infusion. To what end? Propping up a poorly run, patronage jobs placement program can be done much cheaper. In the long run they will all fail. MAT is gone, BiH airlines is on its death bed, Adria, CA, & MA receive huge government "loans" Jat cannot maintain its fleet and their debts are mounting every day. A pan ex-yu airline will not work for so many reasons we all know. The only alternative seems to be an alliance with the big boys, where our ex-yu airlines become true feeders. This is what Croatian seems to be doing, and for what we have criticised it here, but that seems to be the future for this fragmented region.

    -- Charlie

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  4. Let's wait and see, but I have a hunch that the new airline that will be flying out of BEG is Finnair to Helsinki (Check their website and there is something strange). To the cities they have direct connection to there is a logo of Finnair (to LJU for example), to other cities OneWorld logo, connection via oneWorld partner (like SKP), so some cities none (like ZAG) and to BEG there is a logo, but nothing comes out :)... so something might be cooking up there.

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    Replies
    1. yeap, youre right, finnairs logo appears next to BEG in destination list. i guess we might be seeing finnair this winter season :)

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    2. So, BEG has some remote chance to have Finnair from Helsinki, as Dubrovnik already has.
      Congrats!

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    3. Seasonal, seasonal :-)

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    4. haha, you are very cute comparing DBV with high seasonality and regular airport with scheduled all year around services like BEG. :****

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