Desperate times call for desperate measures.

It all looks very dodgy!

What company sells half of its shares and doesn't even officially announce it anywhere?

A company that doesn't want it to be brought to the public's attention. You can guess why.

So the superjets are coming after all. If they have set up an MRO company for it.

Every piece of Adria news is like watching a soap opera unravel and there is always a cliffhanger so you don't know what will happen next. One day they announce purchase of Sukhois, the next they are opening new routes, then they are closing the new routes, then they open a new base, less than 100 days later they close the base, now they do some murky merger and acquisition.

And they are hiring pilots as well.

If you google Stefan Beulertz stuff from the International Consortium of Investigative Journalists Offshore Leaks Database comes up.

Nothing surprises me anymore from JP.

Each soap opera has an ending. Unfortunately I think Adria's is approaching.

And all of this doesn't mean jack.

Well the first red flag is that the company is registered in Malta :)

And what is STBE's primary business? What is it that they do?

Yep he is featured in the Paradise Papers.

money laundering?

They are holding company and a company that manages intellectual property.

I hope 4K sells 100% of Adria to someone not involved in any way with 4K.

And they suddenly bought a stake of over 50% in an airline in Slovenia...

So Adria is now a Maltese-German company :D

steta za takvo lijeo ime. ADRIA...neka promjene ime. recimo u Mulj(ator) Air.

They could consider flights to Malta now ;)

Very difficult to find anyone willing to buy an airline is such financial state.

Has Adria ever flown to MLA?

Anything featuring Malta these days is very dodgy, makes the situation in the Balkans look rosy. Adria employees should really be looking elsewhere if it's come to this.

Germans residing and registering companies in Malta, this Beulertz guy being appointed as director of a company named Bluo Beta Equity Ltd. (of course in Malta too), which has been dissolved after 8 months of his appointment etc... Seriously Slovenia? Are you that desperate?

They have a company with minimum required capital to even register a company. A functional MRO is months away, if not more. They need a CAA approval for MROs, engineers, etc.

Well on the bright side at least they won't have to pay to lease their brand name anymore.

A true flag carrier :) Pretty sure Lufthansa, BA, KLM, etc. all have such shady business.

This is murkier than the Danube.

To be fair, there is a lot of legit business in Malta...

I really wonder why people aren't leaving this sinking boat en masse.

Telenovela.

https://offshoreleaks.icij.org/nodes/56038438

So will this change anything at Adria?

Not according to Adria

"Adria Airways said its strategy and day-to-day operations would remain unchanged under the new ownership structure. "The merger by acquisition on behalf of STBE is one of the measures to improve the company's financial strength and performance", "

This is just 4K reshuffling money from one of their entities to the other.

We shall probably now hear from Purger that Lufthansa is behind STBE

It probably won't start functioning straight away. My guess is the Sukhois will undergo maintenance somewhere else for some time while with Adria.

But that's a serious draw back. What if there is some minor technical issue with the plane (which seems to be common with Sukhois). No one would be able to do anything about it in LJU.

I wouldn't be even sure of that.

Just another day for aviation in Slovenia

How many companies or affiliated companies does 4k have?

The right balance to keep the scavenging going for as long as possible (sudden insolvency) and to not attract too much attention.

Unfortunately this thing with Adria has really become a comedy.

No one seems to have noticed the sentence that a loss of up to 15 million is expected for 2018!

You do not need an on-site MRO for daily maintenance. Minor issues (line maintenance) can be fixed by any licenced (for SSJ) engineer with a toolbox.

It's surprisingly low considering everything that's been going on...

So, how will the insolvency happen? My guess is quick and overnight, like Germania. And the director is nowhere to be found, just a short statement from 4K: "Tried and did our best, but it just wasn't meant to happen" Maybe they will blame it on someone, make a smokescreen: "Some people wanted to run this airline into the ground and despite our best efforts they succeeded. A shame the justice system and politics in Slovenia are so corrupt to let this happen"

And then over the following days and weeks all the various companies in Slovenia will start reporting just how much Adria owes them, and we will learn of all the various ways that 4K used to get as much money out of Adria (Saabs, brand name lease, and so on..)

It would be their second worst result on record. Worst was 2010 when they had - 63 million.

They probably used some creative accounting to lower it.

Unfortunately I think it will be like you said. An overnight thing. When Germania went bust the other day many media wrote a list of airlines on the edge and Adria was featured in all of them.

So what now for JP?

Balkan business model.

And of course no one will blame the Civil Aviation Agency, instead of making sure that the scam ends as fast as possible it let companies in Slovenia to further accumulate debt towards Adria/4K, which will never be paid

:D :D :D

This is a good indication to me that they will sell Adria soon.

so the same guy bought brand name, which means he is actually behind this for a very long time and not lufthansa. what a suprise!!!!

i am shocked now, some articles pointed that evil genius, that dr. morirarity/barzini of aviation, was behind this scheme all along!!!

and instead we have this 2nd rate hustler. what a disappointment this is!

Umm they sold over 50% of it :D

You really think this guy is independent from 4k?

STBE is the same as 4K. One of their companies, just not on paper.

Independent or not, this whole thing is just some low level scam.
Shocking that a national flag carrier would end up in the hands of some street hustlers

Don't get why people are shocked by this?

Na kraju ce ostati od svih kompanija samo Montenegro :D

@10.11 of course he is involved with 4k. that is what i am actually saying in the post, i don't know how it can be any more clearer than this.
or you meant to wrote that he is independent from lufthansa?

This is a typical tax evasion scheme. This is not a real Maltese company and that is a Nominee Director, real owners are hidden.

Oni barem ne kriju da su u katastrofalnom stanju, a ovi drugi jesu, a prave se da nisu.

It's surprising that so few Slovenian media reported this.

It's a private company. Why should they care?

I hope one day will be clear who in Slovenian politics is behind this "give-away" of a national asset from one pocket to another.

Because that private company just got over 4 million euros to fly to Brussels directly from the Slovenian government and because many other companies, some of which are state owned, depend on Adria.

They might register a maintenance company but MRO is not certified Part 145 yet. Source, caa.si.

Capital share increased to +3 mio which is less then its estimated weekly operational cost. It's like a family home budget increased from 1.5K to 3K. What a joke!

They wouldn't depend as much if they didn't allow Adria to accumulate so much debt...

National asset? What kind of assets did Adria own at the time of sale to 4K?

Aircraft? Leased. HQ bulding? Under heavy mortgage....

Some very decent businesses have branches and/or daughter companies registered in Malta and operating under Maltese legislation, where btw salaries taxation is set on rather high amount and practically all "normal" salaries for workers are tax-free. Last example in aviation is Lithuanian Avion Express (18 units A320/321, world's biggest ACMI short-haul operator), which has just registered its new long-haul branch (2 units A330) in Malta

JP operatated charter flights in summer seasons for many years to MLA

Really unfortunate. I don't know what to think about Adria anymore. Is there a light at the end of the tunnel?

Not saying everything ok and "clean" in Adria case, but we need to be fair as it's simply not true that "anything featuring Malta these days is very dodgy"

I suspect that amount is not fifteen but fifty million...

Few days ago I have found article talking about fact that many airlines hide amounts paid/owned for compensation from financial reports. Maybe they did the same considering massive amount of cancelation they had.

Stefan Beulertz

His name appeared in the so-called Paradise Papers, published by the International Consortium of Investigative Journalists (ICIJ) at the end of 2017. In 2006, Beulertz established six companies based in Malta, a tax haven.

His company STBE ought to pay eight million euros for the brand, but Adria never saw this money. A company which was not formally affiliated with Adria at the time returns the purchase price to it by deducting license fees each year.

TBE generated revenues of approximately 2.2 million euros in just one year. With the current dynamics, in just a few years, they would pay the entire purchase price, after which the royalties would flow in the net profit.

Adria, on the other hand, remained not only without a significant portion of its assets, but also lost the insignificant income received by STBE from the end of 2016.

Now the Germans have decided to return their brand due to bad economic conditions. After having already produced eight million euros of capital on paper 2016, which has generated another million euros of capital again.

Sad.

I have a filling they are trying to scam the Russians as well. This usually doesn't end well:)

Bravo Slovenija?

Bold and the Beautiful has been dragging on for years and years and years.

Since 1987!

Sooner or later all of those ex-Yu airlines that survive will be part of Lufthansa group.

The sooner the better if you ask me!

Sijecam se kako je Purger svakog dana pisao ovdje o situaciji u Air Berlinu-u prije njegovog bankrota i ako to veze nije imalo sa temom. Ne vidim ga nesto sada da iznosi cinjenicno stanje u vezi Adrije i ako je to po temi blize nego Air Berlin. Ne znam zasto se toliko radovao Air Berlinu kad je toliki narod izgubio poso tamo gore u Njemackoj.

I wouldn't be so sure.

They may learn something about actual profitability.

Pa vrlo je prosto.
Air Berlin je bio u delimicnom vlasnistvu Etihada.
Ko je jos u regionu u delimicnom vlasnistvu Etihada cijoj bi se propasti radovali i sa "strucnog aspekta" je analizirali?
1+1=2
Adria nije zabavna, ona je deo Star Alliance kao i neke druge kompanije u regionu

Only light would be 4K selling Adria.

Who would have thought that the Germans would turn this into such a mess.

It was a mess before the Germans came too.

It has nothing to do with nationality but with professionalism. Simply, 4K Invest has NEVER managed or run an airline before Adria. The aviation industry is quite a difficult business and different from many others. Hiring former Etihad Regional executives obviously didn't do the trick.

Adria ce uspjeti i postati novi Air Dolomiti

True. It's quite surprising they tolerate them if they have so much debt owed towards them.

Considering they registered the company in late December, it will take some time for that to happen.

Why didn't they just include Adria Tehnika in the project?

Adria Airways Tehnika was sold some years ago, to cover losses in Adria.
Adria Tehnika does not want to do serious business with a scam.

It was a non-financial strategic asset but they rather gave it away. The same as the airport.

Tell that to the murdered journalist, Panama and Paradise papers, the links to Azerbaijan and the Billionaires buying EU passports from them.

Air Dolomiti is wholly owned subsidiary of Lufthansa, are you confirming LH is behind 4K?

@pozdrav: gledaj. Stvarno poštujem tvoje enciklopedijsko znanje, ali sad malo previše relativiziraš. Da. Sigurno ima na Malti dobrih i poštenih tvrtki. Ali ima ih i na Siciliji. A kad je u pitanju JP, nakon svega što se dogodilo nakon ulaska K4 i kad čujem Malta, jedino mogu pomisliti da nešto smrdi.

I will tell nothing to no one. Malta is not the only country with murdered journalist, it happened in both Croatia and Serbia as well, for example. Links to specific non transparent countries and particular criminal cases/affairs happen everywhere too, Scandinavia included, for example again. Billionairs can do anything anywhere, including obtaining citizenships, which is nothing very special and is not happening in Malta only. But some people cannot accept being wrong and think that all Croatians are Ustashe and all Serbians are Chetniks. And of course entire Malta equals criminal only, no exception.

@Athos
Pa ne tvrdim da je sve ok i cisto sa Adriom i Maltom. To sam i napisao. Ali jednostavno nisam od onih koji pristaju na kokektivizaciju krivnje, bilo koga za bilo sto. Pa covjece ne mozes stavit znak jednakosti izmedju normalne EU drzave i kriminalne organizacije, sto neki ovdje tvrde

According to ch-aviation, Russian Severstal will also receive SSJs in the same time as Adria. Now we have just to grab pop-corns and watch who is lying.

This is NOT a stock company! But is a limited liability company that has an owner that can sell or get new investors as he wants. And this are not shares and note that the half of company was not sold but rather the capital was added!

Apparently some circles believe that Adria sponsored by Maltese off-shore holdings and flying 20 Sukhois will become a new Air Dolomiti in the LH group. Other circles just think that Adria sponsored by such Maltese off-shore holdings regardless of 20 Sukhois will end up like Darwin. Take your pick.

Napisao sam i objavio 6 clanaka sa ukupno 108 stranica teksta o Adriji i 4K, te dao 25 intervjua o tome. Nije li to dovoljno?

Pozdrav iz Cancuna, Mexico

There are 3 SSJ parked at BEG A/P.

Sorry, correction: 4 SSJ's are on Jat Tehnika ramp! Btw, some of their engineers already have tech training course for SSJ!