The new German owner of Slovenia's flag carrier has published a takeover bid to acquire all of Adria Airways' remaining shares at fifteen cents apiece. This values the 3.91% stake at less than 45.000 euros. Previously, AA International Aviation Holding, an affiliate of the German turnaround fund 4K Invest, acquired a 96.09% stake in Adria through a recapitalise-and-sell procedure completed in March for 100.000 euros and an additional one million euro capital injection. It is now seeking to buy the remaining 298.702 shares in an offer valid between April 8 and May 9. The bidding notice does not state the threshold needed in order for the acquisition to be successful.
Since taking over Adria, 4K Invest has already implemented a number of changes. The new management has suspended several loss making routes and cancelled plans for a new service from Ljubljana to Cologne. The airline will also reduce its number of flights from its base in Lodz in Poland to Amsterdam from six to four times per week. However, on the other hand, Adria will introduce new flights from the city to Paris, and will launch services from Olsztyn as well. It has also concluded short-term wet-leases of its aircraft and crew to both Austrian Airlines and Air Serbia. As a result, one of the jets will be leased out from Adria's mainline fleet (to Air Serbia), while the other, leased by Austrian, is a former Estonian Air aircraft, operated by the Slovenian carrier. In addition, as of last week, Adria has based a former Estonian CRJ900ER jet in Ljubljana for the summer.
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| Adria Airways' new CEO - Arno Schuster |
Following media reports in Slovenia that 4K Invest is tied to Iranian businessmen, who the press claimed to be the actual new owners of Adria, the German company was quick to deny such assertions, labelling them as "utter nonsense". "4K Invest and all of its subsidiaries, including AA International Holding, the parent company of Adria Airways, are completely owned by European Investors, mostly German nationals", the company said in a statement. It added, "Any rumours of Iranian ownership are utterly nonsense. The persons and organisations with links to Iran mentioned in a Slovenian publication in the last days are unknown to 4K Invest. The responsible manager on the side of 4K Invest, who headed negotiations with the Republic of Slovenia and its organisations, is Dr Martin Vorderwuelbecke. Neither he nor other managers of 4K Invest have any relation to Iran". The German company has named 33-year old former liquidator Dr. Arno Schuster as Adria's new CEO.
"The German company has named 33-year old former liquidator Dr. Arno Schuster as Adria's new CEO".
ReplyDelete... that sounds very reassuring.
haha my thoughts too :D
Deleteamen 2 that
DeleteI wonder how much of those changes were actually made by the new management and how many of them were already made by the former managers.
ReplyDeleteBelieve me route cuts are the new management's doing.
DeleteIn the end they bought it for peanuts.
ReplyDeleteSame thing with Air Serbia and the same will happen with other ex-Yu airlines are sold. Small markets, airlines in bad shape with bad management, debt, low brand awareness... It's good they got sold at all.
DeleteSo what is their plan? Are they going to sell Adria after they "fix" them?
ReplyDeleteThat's the plan and that's why they needed 100% share.
DeleteEtihad could be interested. Air Serbia wanted to buy airlines in the region but there was political opposition. Now 4k can sell to Air Serbia if they want to.
DeleteAnd what about Croatia Airlines? Have they officially cancelled plans to privatize them?
ReplyDeleteI don't think so but you got to wonder what is that world bank affiliate doing and how much are they being paid for the adivszing services if there have been no concrete results so far, except a rumor that Lufthansa, Aegean and Turkish are interested... and all of them denied it.
DeleteNot true, just Lufthansa denied. On the other hand Aegean did confirm to have interest.
DeleteWhen did they confirm that? I must have missed it. Do you have a link?
DeleteTurkish denied it as well..haven't heard anything from Aegean yet but it doesn't seem they are interested
DeleteYou haven't heard anything from Aegean? I'm sure they'll give you a call as soon as they can!
Deletewhen Turkish denied that? Source, link?
DeleteAegean interest was published in media in Croatia.
http://www.exyuaviation.com/2015/12/lufthansa-denies-croatia-airlines.html
DeleteJa sam odavno reko da nema kupca jedino je steta za zaposlene .
DeleteAko se prodaju A3 ja mislim da ce se celokupna flota sa osobljem da se prebaci u ATH .
Ali bolje bi bilo da Drzava HR odresi kesu za dobar Manegment posto potencijal postoji.
INN-NS
'' Both Lufthansa and Turkish Airlines have denied such claims, while Aegean refused to comment.''
Deletehttp://www.exyuaviation.com/2016/02/government-outlines-croatia-airlines.html
LH is interested in turning SAS and Brussels into Eurowings. In the long run they will buy all StarAlliance airlines in EU and turn them into Eurowings, same with OU. There will be just LH and bunch of Eurowings minions.
Deleteupravo tako, a zadatak ovog rukovodstva je da kompaniju dovede u situaciju da je to jedini izlaz.
DeleteDecko Tzar ne lupetaj, vec kada kopiras diskusije sa airliners.net potrudi se da to onda radis kako valja, to jest da tacno prenosis info.
DeleteLH nije uopste u pregovorima za SK posebno sto ovi uopste i ne jure da ga prodaju.
Nisam čitao diskusiju pa ne mogu da je kopiram. Jasno mi je šta je LH želi u kontinentalnoj Evropi na duže staze, na jedan ili drugi način, i ne znam razumne ljude koji misle da je to dobro što oni žele: Lufthansa Über Alles!
DeleteNa istoku ce LH zaustaviti JU.. jel tako Decko?
DeleteMa jok, zaustaviće ih sopstvena megalomanija i glupost, loši odnosi sa radnom snagom, konfuzan brending, gluposti sa SunExpressom, veliki troškovi, ratobornost prema ME3. Ne treba im JU kad imaju mangupe u sopstvenim redovima.
DeleteLet's see what they will do. I don't think it's all doom and gloom like most people here are predicting. Cutting unprofitable routes is not a big deal and should happen more often. Flying empty just for the sake of boosting your destination count is crazy. What I am noticing is that they aligning more and more with Lufthansa. The most painful part will be cutting the workforce. But let's wait a year before we can pass judgment. It hasn't even been two months, although they have made their presence felt.
ReplyDelete+1
DeleteDo you think Adria has a year with these cats?
DeleteHow on earth did they manage to link them to Iran?!? Anyone have more information from that story?
ReplyDeleteJust google 4K Invest + Iran and look for the results from past week.
DeleteSo just 145,000 EUR plus 1 million injection. Adria is worth much more in my opinion.
ReplyDeleteReally, company does not have property at all, have to many employees, have huge debts, does not have cash for daily obligations, is not profitable but eating money that does not have, does not have possibility for state help... So what is for you value of Adria?
DeleteKada prodaju AA kolike su sanse da im CTN bude novi nacionalni prevoznik?
ReplyDeleteCTN ne leti za Sloveniju, tako da bih rekao nikakve.
DeleteStill think it would have been best to have somehow linked OU and JP together, with the support of Lufthansa. They could have created a much more competitive airline. They could have focused on Bosnia then and developed flights there too.
ReplyDeleteThere was an actual plan to do exactly that. Politics got in the way offcourse.
Deletehttp://www.exyuaviation.com/2015/02/croatia-airlines-adria-merger-blocked.html
Ot:
ReplyDeleteWizz air from Niš to Dortmund, starting from August, 4 pw
3 pw, sorry
DeleteWow... those are some fantastic news! I was worried for a moment they would slow down in terms of growth.
DeleteFlights start 20.08 and this is the schedule:
DTM-INI 08.50-11.10
INI-DTM 11.40-14.05
All in all, they will offer six weekly flights to Dortmund from Serbia.
BEG-DTM 05.40-07.55
DTM-BEG 08.40-10.45
I guess this will further take some passengers from BEG, especially from JU's DUS route.
Nis will see aircraft movement on all days but Monday and Friday.
DeleteMonday: nothing.
Tuesday:
Dortmund arr. 11.10 // dep. 11.40
Wednesday
Malmo arr 10.25 // dep 10.55
Basel arr 18.45 // dep 19.15
Thursday
Dortmund arr 11.10 // dep 11.40
Friday: nothing
Saturday
Dortmund arr 11.10 // dep 11.40
Sunday
Malmo arr 10.25 // dep 10.55
Basel arr 18.45 // dep 19.15
INI needs everyday route to Vienna (for sure there are potential passengers as there is huge Serbian Diaspora in Vienna + connection to so many destinations via VIE + tourism) and 3 flights per week to Istanbul. Wizzair is more than welcome, but their main task should be to bring Austrian or Adria (in code-share with Austrian) to VIE and Turkish or Pegasus to Istanubl.
DeleteOr even better, have Eurowings operate the VIE-INI route (with a CRJ-900) if Wizz Air doesn't want to launch BTS-INI.
DeleteI wonder if a two weekly EIN-INI could work. They could cover both The Netherlands and Belgium with it .
Also, don't know how well IST would work. Atlasjet used to operate the route before the crisis and it failed.
U OS su zauzeti svi Q400 a INI im nije u planu .
DeleteI dolaze 2 A320 u OS.
INN-NS
Niko nije ni rekao da je INI u planu vec sta bi trebalo da se uradi.
Delete+ 7 charters to Russia for INI this summer
DeleteWhat charters?
DeleteTo Moscow according to airport's director
DeleteGreat news for INI!
DeleteEven in low income part of Serbia and with all nearby airports, there is still potential.
Some folks, you know who you are, were so quick to dismiss any prospect of INI.
Other airports can follow similar path.
my2cents
People didn't dismiss INI's potential, they dismissed the potential of legacy carriers there. ;)
DeleteI don't have time to dig up all the comments, but I'm pretty sure that more than few lovgers bere doubted INI. Some of the comments:
Delete-low income along 'južna pruga'
-proximity of SOF, SKP, PRN, BEG
-Nis only needs good rail link to Belgrade
-it's only 2.5hr drive from BEG
-etc, etc
Sounds familiar?
Yeah, all those applied to legacy carriers flying there, especially when 'nislije' protested that JU didn't fly there. People generally agreed that INI needs FR or W6 as they are the only ones who could make it work.
DeleteMaybe you should dig through the conversations to freshen up your memory. ;)
OT: Zagreb terminal pics updated, absolutely stunning!
ReplyDeletehttp://www.skyscrapercity.com/showthread.php?t=534084&page=424
OT (from another forum):
ReplyDeleteAir France from Zagreb today with A320!
Yeah but it's because the scheduled aircraft went tech, 'only' 83 pax on the inbound flight and 90 on the outbound
DeleteThose are some bad news for OU, AF will kill them on the route.
DeleteWho cares about OU, if I can use Air France, of course, only if they have lower prices!
DeleteAnd, just for the record, after using A318 in Zagreb, Air France started using A319 on some of their flights!
DeleteAnon 5:16 PM,
DeleteIf OU really ends up destroyed and drops this route, I am afraid AF will show you and other passengers no mercy in terms of pricing.
On the other hand, OU may stay in battle for some time and offer lower prices than AF in order to keep up. That would be beneficial for passengers.
Air France use A319 instead of A318 quite often. AF and OU have big LF on route, and on some days LF is 100%. So people use CDG-SPU-ZAG or CDG-DBV-ZAG which have very bad LF
DeleteIt is not true that there was just 83 pax one way and 90 back. A320 was put on flight because there was more passengers than A318 can have.
DeleteSorry, Purger, which route has a bad LF?
DeleteAnon 7.17
DeleteSorry but I was working on that flight at the airport and those were the loads.
So LF on ZAG-CDG-ZAG is very good, not so good SPU-CDG and DBV-CDG.
DeleteTwo weeks ago I had to use CDG-SPU and SPU-ZAG as CDG-ZAG both OU and AF were 100% full.
any new routes to BEG this year fellow fanboys :D?
ReplyDelete.. dugo nisi bio ovde zemljače?
DeleteOT: Easyjet will downsize BEG-GVA to 2 weekly flights next winter inspite of LX and Etihad Regional gone. They have just launched their winter timetable :(
ReplyDeleteOne more downsize???? One more????
DeleteNo, it's not downsizing. The W16 schedule for BEG-GVA is the exactly same as it was last winter; three weekly flights during Christmas period, at the beginning of November and during March, while two weekly during the rest of next winter season.
DeleteNo, it's not downsizing. The W16 schedule for BEG-GVA is exactly same as it was last winter; three weekly flights during Christmas period, at the beginning of November and during March, while two weekly during the rest of next winter season. (Typo)
DeleteReply
Air serbia should launch that route..
DeleteWhy? GVA is really not that attractive, especially with W6 serving Basel and of course LX/JU routes to ZRH. Three/two weeklies is quite enough. Having three carriers on that route was a freak accident...
DeleteIf you should launch anything in that part of Europe, that's LYS.
Dear fellow ExYuaviation fans, I'd appreciate your views on suggested change in format.
ReplyDeleteExYu Admin,
just checking on suggestions for blog format.
You are doing great job and cover most (if not all) things in civil aviation in ExYu.
However, given that ExYu is relatively small, it is hard to bring stories that generate high interest and activity every single day. On the other hand popular topics age quickly in the current format, which doesn't give any visibility over recent activity (i.e. views, posts).
Perhaps on the home page, below current daily topic, you don't need to list the entire text of recent articles, but rather have the table similar to Airliners.net, which sorts 20 top topics.
Also, you could allow people to start new topic, so that we can reduce 'off topic' posts
I believe that such format would generate steadier stream of visitors and activity.
my2cents
All excellent suggestions!
DeleteIt would definitely improve things and volume of visits to the blog.
A new look and layout is coming soon, which addresses some of the issues you have brought up.
DeleteThanks! Looking forward to.
ReplyDelete