Adria Airways buys Etihad Regional


Adria Airways has purchased Etihad Airways' upscale Swiss arm Etihad Regional through its new subsidiary Adria Airways Switzerland. Etihad Regional was relaunched in early 2014 to attract Europe's business travellers. Under the terms of the deal, the airline will continue to operate under its current legal name Darwin Airline SA with its own air operator’s certificate (AOC), but will change its marketing brand from Etihad Regional to Adria Airways Switzerland. "The decision to sell this minority stake (33.1%) in Darwin is the result of our current strategic review of our investments and the choice to focus on our other partners", Kevin Knight, Chief Strategy and Planning Officer at the Etihad Aviation Group, said. Other shareholders have also sold their stake in the business to Adria, which now has 99.1% ownership in the airline. The remaining 0.9% will be acquired shortly. The value of the transaction has not been disclosed, but is being financed by Adria's owners 4K Invest. The parties involved have agreed to maintain confidentiality.

In a statement, Adria Airways' CEO, Arno Schuster, said, "Darwin is an excellent airline with experienced management and staff. Extending our network and, consequently, optimizing cost structures will create a win-win situation for both carriers. Our experienced commercial department will market Darwin’s flights under the brand name Adria Airways Switzerland". Adria's Chief Financial Officer, Heinrich Ollendiek, will become the new CEO of Adria Airways Switzerland. The airline will retain its bases in Lugano and Geneva. Adria Airways will take over some of Darwin’s administrative and operational tasks and will market the Swiss airline’s services. The President of Darwin Airline's Board of Directors, Emilio Martinenghi, said, "Adria Airways, with its extensive expertise, its strong route network, especially in the Southeast European market, will be very beneficial not only to the future of Darwin but also to the Ticino region we serve, which needs good connections with the rest of Switzerland and throughout Europe". He added, "Darwin Airline is well capitalised and solvent, thus able to honour all of its commitments to creditors".


Darwin Airline was founded in 2003 with the prime aim of connecting the southern part of Switzerland, the Ticino, and its economy with the country’s main Zurich and Geneva financial centers and airline hubs. Following the acquisition of 33.3% of its shares by Etihad Airways, Darwin joined the Etihad Group of airlines in 2014 and adopted the Etihad Regional marketing name. It uses a fleet of six fifty-seat Saab 2000 turboprop aircraft, as well as four ATR 72s, which are currently being operated on behalf of Alitalia. The airline runs flights across Europe, offering passengers direct connections to dozens of major cities. It also taps into a half-dozen points served by Etihad and its codeshare partners Air Berlin and Air Serbia. Etihad's sale of its stake in Etihad Regional represents its first divestment since launching a company-wide strategic review last year of its shareholdings in other carriers. When launching Etihad Regional in January 2014, the former Etihad CEO, James Hogan, described the deal as "a step-change" for the business.

4K Invest, a turnaround fund from Munich, signed a contract for the purchase of a 91.58% stake in Adria Airways at a price of 100.000 euros early last year. It later bought the remaining stake in the Slovenian carrier in order to secure 100% ownership. The transaction marked its first investment in the aviation sector. Since its purchase of Adria, 4K has brought in several new aircraft, boosted the airline's flight network, closed the carrier's base in Poland, ended a commercial cooperation agreement with Estonia's Nordica and has attempted to reduce the company's losses. However, it is yet to publish Adria's 2016 financial report. Late last year, Adria named Captain Tiziano Ponseggi, the former Director of Operations at Etihad Regional, as its new Chief Commercial Officer.

Comments

  1. Anonymous10:00

    just wanted to write a Breaking news coment on the previous article

    Amazing news!!

    ReplyDelete
  2. Anonymous10:03

    wow well done Adria!

    ReplyDelete
    Replies
    1. Anonymous10:20

      +1

      Delete
    2. Anonymous15:21

      No, well done Etihad for off-loading another of it's horrible investments. Alitalia, Air Berlin and who else to follow...

      Delete
    3. Anonymous17:56

      Agree, well done Adria! And good luck!

      Delete
  3. Anonymous10:05

    from reuters: "Etihad and other investors have sold their shares in Darwin Airline to a subsidiary of Slovenian airline Adria Airways"

    i didnt know there is/was a subsidiary of Adria. any clue?

    ReplyDelete
    Replies
    1. Anonymous10:11

      It's just quick reporting by Reuters. It was purchased by 4k Invest which will merge the brands of Adria and Darwin.

      Delete
    2. Anonymous10:15

      cheers

      Delete
  4. Anonymous10:06

    Can Adria buy Etihad's share in Air Serbia too? Are there any obstacles to prevent it?

    ReplyDelete
    Replies
    1. Anonymous11:34

      Yes, there's the obstacle of not having nearly enough money for such an investment :)

      Delete
    2. Anonymous14:15

      And how do you know how much Air Serbia is worth, and how much Adria can afford to spend?

      Delete
    3. Anonymous15:23

      Air Serbia is worth less then 0, so the only question is whether 4K or anyone else for that matter, have the pockets or the stomach to nurture a loss making business like JU from one politics driven crisis to another

      Delete
    4. Anonymous15:36

      An airline which still has ownership of its own brand, a couple of aircraft (including the engines) and a few LHR slots cannot be worth less than zero.

      Delete
    5. Anonymous18:24

      Well, they have a daily slot at LHR, plus 2 additional ones over the summer - so 9 in total. If OU sold 4 or 5 slots for EUR20m, then JU's are worth all up, double this, so the comment made by anon at 3.23pm is clueless at best, and idiotic at worst

      Delete
    6. Anonymous18:38

      Good luck trying to sell those 30+ year old B737s or 25+ year old ATRs for anything more than scrap metal.

      LHR slots are different story.

      Delete
    7. Anonymous20:01

      Well, even scrap metal - especially aircraft - are worth more than 0... rendering the earlier comment above rather stupid.

      As for LHR slots, not to mention others that they have - especially JFK, they are worth alot.

      So again, a pretty stupid comment

      Delete
  5. Anonymous10:06

    Good for both, Adria and Etihad. Etihad spread too much, it is good to focus on airlines that actually matter, such as Air Serbia xD

    ReplyDelete
    Replies
    1. Anonymous13:07

      My prediction is JU will be next to leave the EY fold. Great work EY and congratulations Adria.

      Delete
    2. Anonymous14:42

      Your prediction is pretty detached from reality. What do you base that deduction on?

      Delete
    3. Anonymous15:38

      On his hateful dreams.

      But hey, if EY does leave JU at the end, at least we'll be able to fly that state-of-the-art 10-abreast EK flight from ZAG.

      Delete
  6. Anonymous10:07

    What the hell is going on here?
    I mean props to 4K/JP, but man... there has to be some bigger story behind it.

    ReplyDelete
  7. Anonymous10:09

    EY is trying to get rid of its investments.
    Imagine 4K buing JU too and renaming it Adria Serbia! :D

    ReplyDelete
    Replies
    1. Anonymous10:13

      I fear Alitalia is next

      Delete
    2. Anonymous10:21

      Etihad is clearly unloading a lot of their investments. Wouldn't be surprised if JU is next and the buyer is Serbian government...

      Delete
    3. Anonymous10:31

      or some guy from Munich...

      Delete
    4. Anonymous10:49

      Prefer one, Arno Schuster or Dane Kondic :)))

      Delete
    5. Anonymous11:35

      Stop spinning. EY is not getting rid of its investments, it's getting rid of its BAD investments, which JU hasn't been so far.

      Delete
    6. Maybe Adria buys Alitalia lol.

      Delete
  8. Anonymous10:10

    Well this is a game changer.

    ReplyDelete
    Replies
    1. Anonymous10:20

      Yeah sure...

      what reality do you live it ?? A small airline buying another loss making even smaller airline being a game changer ???

      Watch out Etihad.... 4K is gonna come after you too !

      Delete
    2. Anonymous10:22

      not true. Etihad Regional is not in the red

      Delete
    3. Anonymous11:07

      The dismantling of Etihad group has begun! Next sales: Air Berlin to Eurowings, Alitalia to.... and JU to...?

      Delete
    4. Anonymous18:21

      I don't know about the other airlines, but Etihad has already stated that they are committed to JU and have extended their agreement for a further 5 years.

      Therefore, don't know why there is such speculation regarding Etihad and their investment in JU

      Delete
  9. Anonymous10:13

    Bravo Slovenia!

    ReplyDelete
    Replies
    1. Anonymous10:18

      you mean Bravo Munich ;)

      Delete
    2. Anonymous10:21

      The owners may be from Munich but still it is a SLOVENIAN airline we are talking about!

      Delete
    3. Anonymous10:22

      Registered in Slovenia, owned by foreign capital.

      Delete
    4. Anonymous10:34

      Run by 99% slovenian workers.

      Delete
    5. Anonymous10:39

      True. But it's clearly written Adria didn't purchase Etihad Regional. 4K invest did.

      I don't think anybody in Adria had anything to do with it anyway.

      Delete
    6. Anonymous10:52

      Heinrich Ollendiek (4K) is the new CEO

      Delete
    7. Anonymous10:55

      Its says in the article

      "Adria's Chief Financial Officer, Heinrich Ollendiek, will become the new CEO of Adria Airways Switzerland."

      Also interesting is the last sentence

      "Late last year, Adria named Captain Tiziano Ponseggi, the Director of Operations at Etihad Regional, as its new Chief Commercial Officer".

      Delete
    8. Anonymous12:50

      You, AnonymousJuly 20, 2017 at 10:39 AM are just trying to diminish the role of Adria in the whole process, nothing else. The buyer is a subsidiary of Adria Airways not of 4K, and you can't bear to accept that fact. Maybe because it is not the subsidiary of JU ? Of course, in your opinion and by using the same criteria, JU is a completely serbian company. Be serious.

      Delete
    9. Anonymous13:23

      Who said he is a Serb? Why are you so obessed by Serbia? No need to be malicious.

      At the end of the day JP is not profitable and it didn't buy the airline because it did not use its own funds. That's like saying JU bought the NEOs

      Delete
  10. Anonymous10:17

    ��������������������

    ReplyDelete
  11. Anonymous10:21

    Just watch the LX machine come and squash these guys just like they did with Darwin...

    ReplyDelete
    Replies
    1. Anonymous10:28

      again not true.
      Adria Airways Switzerland is de facto Star Aliance. expect them to fly for Swiss on small routes soon

      Delete
    2. Nemjee10:34

      Maybe that's why they leased an additional CRJ

      Delete
    3. Anonymous11:03

      they only need to get rid of the few Alitalia-routes

      Delete
    4. Anonymous11:42

      @ Nemjee also possible they transfer CRJs to Darwin and get Sukhois for Adria.

      Delete
    5. Anonymous13:47

      Or to move CRJs to Switzerland and transfer turboprops to Slovenia.

      Delete
    6. Anonymous14:27

      Yes, given the uncertainty surrounding Alitalia and therefore the contract to fly for them, it could be that turboprops will be moved to LJU. For example short routes like VIE, PRG, MUC and SJJ could be taken over by the ATRs if there isn't enough need to justify larger aircraft than that. Also, new opportunities could arise, like maybe BUD, MXP and seasonally to the Croatian coast. As fuel prices go up, the cost benefit of prop vs jet only gets bigger...

      Delete
    7. Anonymous10:47

      They don't even have to wetlease to Swiss to benefit from the Star Alliance partnership. By becoming part of Adria, they will automatically get connectivity with Swiss at for example GVA through Adria's interline partnership with them. Sure, if Swiss isn't happy about it, they can change the agreement to cut them off, but they probably think this is too small of an issue to bother.

      Delete
    8. Anonymous11:35

      JP could launch low-frequency LJU-BWK during summer with Darwin's aircraft.

      Delete
  12. Anonymous10:25

    Admin where is a text about ASL from this morning?Why is it removed?

    ReplyDelete
    Replies
    1. Milivoje Rodic10:29

      this is more news of the day than the previous one

      Delete
    2. Anonymous10:30

      expect it back in the next days since this is a breaking news

      Delete
    3. It will be republished in the next day or two. When a major news story develops it gets priority.

      Delete
    4. Anonymous10:47

      That is a right desition admin! Good one!

      Delete
    5. Anonymous14:05

      http://www.blic.rs/vesti/drustvo/otkazan-danasnji-let-za-njujork-pokvario-se-avion/qjdv32z

      Delete
  13. This comment has been removed by the author.

    ReplyDelete
  14. Anonymous10:32

    https://www.ticinonews.ch/ticino/395784/addio-etihad-darwin-airline-diventa-slovena

    ReplyDelete
  15. Anonymous10:44

    Wow wow wow. This changes the balance of power among airlines.

    ReplyDelete
    Replies
    1. Anonymous11:38

      What power and what airlines? It's an interesting development, but please, we're talking about two very small airlines.

      Delete
    2. Anonymous13:47

      You are forgetting that JP is a legacy airline. Completely in line with AF, KL, BA and the likes.

      Delete
  16. Anonymous10:45

    I hope that the aircrafts of Etihad Regional will get an ADRIA Airways livery and branding. I think that ADRIA as a brand is way better choice than Darwin. Good luck ADRIA Airways Switzerland!!!

    ReplyDelete
  17. Anonymous10:46

    I'm confused. Wasn't 4K looking to sell Adria? If so, does it make sense to rename the new investment Adria Airways Switzerland? I suppose they need to be sold together now. If not, surely they would need to rename the Swiss entity again?

    ReplyDelete
    Replies
    1. Anonymous11:06

      lets say they couldnt. maybe they have a better chance now

      Delete
  18. Anonymous10:56

    is JP now more atractive for LH?

    ReplyDelete
  19. I think it's a smart move. I think you'll see more consolidation in the European market, way too many operators at the moment.

    ReplyDelete
  20. Anonymous11:03

    Congratulations Adria. I hope the investment turns out to be a smart one.

    ReplyDelete
  21. Anonymous11:04

    This is really braeking news- ETIHAD empire being slowly dismatled- next Alitalia, Air Berlin and Air Serbia.

    ReplyDelete
    Replies
    1. Anonymous11:14

      +1

      Delete
    2. Anonymous11:43

      So they sell 0,5% of their business and it's immediately the harbinger of doom? Please, continue to impress us with your expertise.

      Delete
    3. Anonymous12:02

      Well it's quite clear that both Alitalia and Air Berlin are in huge financial trouble. I don't see much point in Etihad throwing more money in, with no success in the past years.

      Delete
    4. Anonymous12:11

      @ Anonymous 11.43. They are selling 0,5% of their business but 80% of their profitable stake. So it is the first time that they officially SELL a business instead of buying. Sure they will sell a profitable business and keep the loss making. Do you wonder why half of Air Berlin is integrated in Lufthansa Group already and what implications that has? Ok it is no doom just a business decision from a company which has made so many mistakes it is obviously NOW staring to correct. To make your life easier, Etihad will sell all other business except that of Air Serbia :)

      Delete
    5. Anonymous13:08

      Alitalia has already been removed

      Delete
    6. Anonymous18:02

      AirBeriln will slowly lease out most of the planes to Eurowings and Etihad also gave up when it comes to Alitalia. This is just another step out of European airlines investments for Etihad.

      Delete
  22. Anonymous11:18

    I suppose I should say it before one of the trolls arrives... "OMG this is terrible for Air Serbia and probably means they will die, like I predicted." :D

    ReplyDelete
  23. Anonymous11:19

    Wondering what their future strategy is now. Adria I mean.

    ReplyDelete
  24. Anonymous11:20

    Darwin was bought by JP and not by its owner 4K. JP founded a subsidiary in Switzerland, Adria Airways Switzerland, who then bought Darwin. Although the money for the transaction most likely came from 4K.

    ReplyDelete
    Replies
    1. Anonymous12:34

      Adria seems to be the only one making real moves in the Ex-Yu region.

      Delete
  25. Anonymous11:35

    Darwin never really managed to serve the purpose Etihad wanted it to serve.

    ReplyDelete
  26. Anonymous11:41

    Kudos to them for doing all of this quietly without much fanfare.

    ReplyDelete
    Replies
    1. Anonymous11:44

      +1

      Delete
    2. Anonymous11:56

      They could have at least put a statement out on the Adria website. It's not every day you buy an airline.

      Delete
    3. Anonymous11:58

      Don't hold your breath. The last news update on their website is 27th of January!

      Delete
    4. Anonymous12:00

      Perhaps they would IF it was Adria who bought it.

      Delete
    5. Anonymous13:23

      Well, it was AA via AA Swiss...
      They'll probably put out a statement sooner or later. Darwin also didn't announce anything yet.

      Delete
    6. Anonymous13:33

      Darwin has put out a statement. Most of its contained in the article.

      Delete
    7. Anonymous16:40

      And Adria: https://www.adria.si/en/news/2017/majority-share-takeover-of-swiss-carrier-darwin-airline-completed/

      Delete
    8. Anonymous17:54

      It seems from the article above that the brand Darwin Airline will be used, not Adria Airways Switzerland.

      Delete
    9. Anonymous18:03

      Nope, like it says in the ex-yu article and the Darwin press release, the new brand Adria Airways Switzerland will be used but the actual name of the company remains Darwin (as was the case during Etihad Regional)

      Delete
  27. i am puzzled how they managed to keep it secret until now and how quick was EY to sell regional.
    hogan's departure was only announced in January, 6m after they are already selling partners.
    okay, selling darwin was an easy decision and transaction, but it makes me wonder what is cooking for other etihad equity partners behind eyes and ears of the public? interesting times

    ReplyDelete
  28. Anonymous12:02

    I remember when some people were talking about Etihad buying Adria and Montenegro Airlines.

    Now it's just the opposite Adria is buying Etihad Regional... LOL

    ReplyDelete
    Replies
    1. Anonymous12:40

      Not only that, people were also talking about the imminent collapse of Adria.

      Delete
    2. Anonymous13:44

      Well Adria was close to imminent collapse.

      In the Western and Northern Europe, if you don't pay employees on time and if you delay paying taxes for 6 months or more, they suspend your operating licence - at least temporarily. Not the case in the Balkans obviously.

      Delete
  29. Anonymous12:24

    Got a feeling 4K will in the end sell both AA Switzerland and AA.

    ReplyDelete
    Replies
    1. Anonymous12:55

      Both to Lufthansa.

      Delete
    2. Anonymous13:42

      In the long run they will surely sell AA with its subsidiary (or maybe subsidiaries, who knows :)), but for the time being they remain JP's shareholder. They entered into JP to turn in around and sell it afterwards (and make money with that), which is completely legit.

      Delete
    3. Anonymous20:58

      In fact they are selling it for some time. Do not be fooled, 4K is an investment fund, the only economic branch they are good at, is making profit of nearly bancrupt companies, be it in aviation or somewhere else. So, do not fool yourself with any perspective for any of those two companies. JP had no subsidiary anywhere else, 4K has done it. JP is struggling with its own economy, red figures and debt, winter is coming. The whole deal is just a manouvre, to be seen and to be surprized.

      Delete
  30. Anonymous12:26

    Maybe Ljubljana - Geneva will be one of their first new routes. To offer good transfer possibilities for travellers from Switzerland to the Balkans or to other destinations in Adria's network.

    ReplyDelete
    Replies
    1. Anonymous12:50

      That would be smart. I think the only ex-Yu cities with flights to Geneva are Pristina and Belgrade.

      Delete
  31. Anonymous12:40

    This is really huge and unexpected news.

    ReplyDelete
  32. Anonymous12:42

    They will buy Croatia Airlines next.

    ReplyDelete
    Replies
    1. Anonymous13:02

      That would actually be fantastic news. especially if the merge OU and JP. They could create a lot of synergies.

      Delete
    2. Anonymous13:07

      http://www.exyuaviation.com/2017/04/croatia-and-montenegro-airlines-eyed-by.html

      Delete
    3. Anonymous15:25

      So Adria Airways Croatia

      Delete
    4. It seems pretty clear to me that 4K are looking to buy airlines on the cheap and from owners who are eager to sell. They will roll all these companies into one, cut as many costs as possible and than look to sell them all under the one brand or continue to operate it as lean as possible. Just don't think they will be able to buy anything from the Ex-Yu as cheap as they would like or due to politics so I doubt very much that they will buy OU. Just my opinion.

      Delete
  33. Anonymous12:50

    I don't understand why they are keeping the value of the takeover a secret.

    ReplyDelete
    Replies
    1. Anonymous13:44

      And why should they publish it? It's a private transaction, the price is does not concern the public.

      Delete
    2. Anonymous13:46

      As much as everybody is interested in the transaction value, I have to agree. It's a business deal between two private entities.

      Delete
  34. Anonymous12:59

    Can't wait to see Purgers' comments and analisys on the topic!

    ReplyDelete
    Replies
    1. Alen Šćuric Purger13:32

      Would be my next article! You have to wait for that till Tuesday.

      But it is huge. Much more than you can imagine.

      Delete
    2. Anonymous15:42

      But is it bigger than EK arrival to ZAG?

      Delete
    3. Alen Šćuric Purger17:15

      Of course not. Not even near. Even more that does not have anything with Adria, but much bigger deal out of Slovenia.

      Delete
  35. Anonymous13:55

    Why didn´t JP buy YM too?

    ReplyDelete
  36. Anonymous14:17

    JU has been mostly successful under Ethiad, no reason to sell it off.

    ReplyDelete
  37. This comment has been removed by the author.

    ReplyDelete
  38. Did it occur to anyone at 4K that Switzerland isn't the Adriatic? Adria Switzerland makes me chuckle :-)

    ReplyDelete
  39. Anonymous15:11

    Mark my words, Montenegro airline will handover ownership to ASL for a very cheap price!

    ReplyDelete
    Replies
    1. marking these words...

      Delete
    2. Anonymous17:20

      There wouldn't be a price that anyone would pay for YM - they would need to pay someone to take it off their hands !

      Delete
    3. Anonymous18:11

      ASL?

      Delete
    4. Anonymous18:16

      ASL could move 2 aircraft to MNE, get a local partner to ensure they meet 51% local ownership rules and then apply for its own AOC and job done - no need to inherit someone's else's problems.

      Delete
    5. Anonymous20:14

      ASL nece slati avione ako ne promeni vlasnika.

      Delete
  40. Anonymous15:48

    Was the superjet story just a pitch to get a better deal with the current lessors or will they get superjets for both Adria and Etihad regional?

    ReplyDelete
  41. Anonymous17:26

    https://www.etihadregional.com/media/170384/E_20.07.2017_Press%20Release%20Darwin%20Airline%20SA.pdf

    Haplek

    ReplyDelete
  42. Anonymous18:28

    Prodavao je Etihad i pre svoje udele u kompanijama. Samo to mentalni patuljci ne znaju. Posebno raduju Slovenci koji se raduju uspehu nemackog kapitala preko njihovih ledja.

    ReplyDelete
    Replies
    1. Anonymous19:15

      Apaurin. Ili dva.

      Delete
    2. Anonymous19:19

      Ni to mu ne bi pomoglo.

      Bravo, Slovenija!

      Delete
    3. Anonymous04:22

      Sta se narod pali, pa nije JP dala pare iz svog dzepa. 4k ce ovako za vise preprodati ceo paket

      Delete
  43. Anonymous19:25

    It´s clear that JP will use the 10 aircraft and transfer all of the a/c to LJU. LJU will become a new mini regional hub with small planes:

    https://www.etihadregional.com/en-us/about-us/fleet/

    Now we can see 2-3 daily flights to newer destinations in the Balkans such as: INI, OTP, SOF, KBP, OHD, KVO, CLJ, VAR, BUD, DEB

    ReplyDelete
    Replies
    1. Anonymous19:34

      How on earth is that clear?

      Delete
    2. Anonymous19:54

      Why did they buy them at first place? The other option is to create a hub in Geneva and connect all the Balkans to it.

      Delete
  44. Anonymous19:32

    OT: Qeshm Air from Tehran in Zagreb today! Is it a charter flight?

    ReplyDelete
    Replies
    1. Anonymous21:04

      Yes, regular charters, from Tehran to Zagreb started on 6th of this month, 14 flights through to September 28th. A320, 164 seats,

      Hopefully next year if these flights prove a success, we have twice weekly flights from June 1st to October 1st.

      Delete
    2. Anonymous21:08

      They operated last year too
      http://www.exyuaviation.com/2016/05/zagreb-secures-tehran-charters.html?m=1

      Delete
  45. Anonymous21:35

    Wondering how regular charters work. Is this chartered by a tourist agency? Hoa do you by tickets , via agency or via operator's website ? How difficult is to get regular charter licence for flights to Serbia from EU?

    ReplyDelete
  46. Anonymous21:53

    With turbo-prop fleet, they could position themselves as feeder for Star Alliance, flying to small secondary airports. LCCs fly routes where they can fill at least 150+ P2P passengers plane every time they fly. There is no flexibility on plane size hence frequencies can be very low (1-2 per week). Smaller plane could add the needed frequencies.

    ReplyDelete
  47. Anonymous23:02

    We can see first results of the ownership change: out of LJU JP284 to VIE and JP700 to SJJ will be tomorrow operated by Darwin/Adria Airways Switzerland (Saab2000 HB-IZP).

    ReplyDelete

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