Adria to post loss in excess of €10 million for 2018


Adria Airways has submitted its audited financial report for 2018 to the Slovenian Civil Aviation Agency. The regulator extended the deadline for the national carrier, which was required to send the document by August 31. According to the “Finance” portal, the airline registered a net loss of over ten million euros in 2018, and it is likely to hover close to fifteen million euros. The company reported a loss of 5.4 million euros in 2017 and a 3.2 million euro profit in 2016. In a statement, the Slovenian Civil Aviation Agency said, “We will study the report and act in accordance with our mandate”.

The Slovenian branch of the multinational PricewaterhouseCoopers (PwC) was scrutinised by the Slovenian Agency for Public Oversight earlier this year over its auditing of Adria Airways' 2018 financial results. The financial report was referred to the Agency by the country's air regulator, which also monitors the financial sustainability of airlines registered in Slovenia, under the suspicion that Adria's financial statements did not accurately reflect its financial state. According to the “Siol” portal, it is believed that in its audit conclusion, PwC also expressed doubt in the validity of the carrier’s financial health. This primarily relates to dealings over Adria’s absorption of the STBE company through a merger and acquisition late last year. The move increased the airline's share capital and changed its ownership structure. As a result of the merger, Adria's share capital increased by 1.5 million euros to 3.28 million and its majority ownership (54.3%) was passed onto Stefan Beulertz, a lawyer residing in Malta.

According to media reports, Adria is believed to have registered a loss of over ten million euros during the first half of this year. Its passenger numbers have also declined, and the company has amassed debt of sixty million euros to creditors. Yesterday, all of Adria’s Slovenian-based bank accounts were blocked. This does not mean that Adria has insufficient funds to repay its debts, but rather that creditors have made fund reservations on the accounts. Despite a pledge made in late June that it would be more proactive in communicating with the press, the company has made no comment on its financial woes or the status of its ongoing talks with a strategic partner.



Comments

  1. Anonymous09:13

    This is a disaster for such a tiny regional carrier. Have their operations improved or are they still linking and cancelling flights?

    ReplyDelete
    Replies
    1. Anonymous09:17

      Still linking and cancelling.

      Delete
    2. Anonymous09:27

      Today both flights from Ljubljana to Pristina and back have been cancelled.

      Delete
    3. Anonymous09:35

      It seems they have the biggest issue on Fridays for some reason. For tomorrow there are a lot of merged flights.

      Delete
    4. Anonymous09:43

      Probably because that's the day in the week they have the most flights scheduled.

      Delete
    5. Anonymous10:39

      PRN last night was cancelled as well.

      Delete
    6. Anonymous10:45

      That's very odd. So three flights to pristina in a row are cancelled? What's going on?

      Delete
    7. Nemjee10:56

      Didn't PRN impound a YM plane some years ago? Maybe they are threatening JP as well so they are avoiding the airport?

      Delete
    8. Anonymous10:58

      I thought of that too but they are operating flights from PRN to FRA and other nonstop routes from there without cancellations.

      Delete
    9. Nemjee11:01

      Maybe PRN doesn't want to impound the plane that flies to LH Group airports as it would anger one of their biggest customers.

      Delete
  2. Anonymous09:15

    Like someone said this is really like watching a telenovela.

    ReplyDelete
    Replies
    1. Anonymous09:18

      yeah, but isn't it with telenovelas that usually the blind woman regains her sight or that the thought of dead person comes back to life, etc. :) with adria there is little sign of getting off respiratory machines.

      Delete
    2. Anonymous09:29

      Televisa went too far

      Delete
    3. Anonymous09:51

      LOOOL

      Delete
  3. Anonymous09:15

    So with the capital increase they managed to improve their net result?

    ReplyDelete
    Replies
    1. Anonymous09:17

      Creative accounting.

      Delete
  4. Anonymous09:29

    They just don't seem able to catch a break.

    ReplyDelete
    Replies
    1. They need much more than catching a break.
      They need a miracle.

      Delete
  5. Anonymous09:30

    So much for these auditing companies being transparent.

    ReplyDelete
    Replies
    1. Anonymous09:33

      It seems this time, because of state pressure they were transparent. From what I have read in the newspapers PWC even said they doubted the legitimacy of the past two financial reports (even though they audited them and at the time signed off on them).

      Delete
    2. Anonymous09:56

      @0933 Yes, I also read it. And we are somehow to believ that PWC, one of the biggest auditors in the world, was tricked by a couple of German "managers" - they were bribed, just like the credit agencies in the 2008 crash. In a normal society, PWC would loose it's accreditation and the German "turnaround experts" would be in jail.

      Delete
    3. Anonymous09:58

      Most auditing houses around the world have been found to be doing stuff like this. PWC has been barred in India for being involved in a fraud case.

      Delete
  6. Anonymous09:30

    "Adria is believed to have registered a loss of over ten million euros during the first half of this year. Its passenger numbers have also declined, and the company has amassed debt of sixty million euros to creditors. "

    This is really bad

    ReplyDelete
  7. Anonymous09:31

    The loss is not as big as I expected although it seems some trickery was involved.

    ReplyDelete
    Replies
    1. Anonymous09:39

      the actual loss figure is in this situation not really the most important info. one should look at the fact that there is a loss and that the debt to creditors has risen by at least 10mio over last year (based on information provided on this portal). so liabilities went up, so the loss even if the loss were (theoretically) only from payments of outstanding debt cannot stop the rising of debt. that's called a downward spiral. speaking in book-keeping terms - even if you have a profit of 10 units and the debt to creditors goes up 20 units, this isn't winning because you're actually 10 units in red at the end.

      Delete
  8. Anonymous09:33

    The fact that the story about subsidizing foreign airlines on existing Adria routes was reactivated in last 10 days tells me that the government does not think Adria will last long.

    ReplyDelete
  9. Anonymous09:34

    I got to hand it to the creditors, they have really given Adria a lot of chances. If it were in another country creditors would have pulled the plug a long time ago.

    ReplyDelete
    Replies
    1. Anonymous10:20

      If it was in a decent country, the CAA would have not allowed this to go this far to begin with.

      But Slovenian CAA will find every single line in legislation that allows them to keep Adria alive, knowing full well they are not in condition to ensure safe and timely transport of passengers.

      Banana republika.

      Delete
    2. Anonymous10:29

      CAA is not important here, the contractors are. Once they see that 100% of what came out of 4K's mouths was a lie, they will try to get at least some of the owed money back. #insolvency

      Delete
  10. Anonymous09:34

    When will the report be public?

    ReplyDelete
    Replies
    1. Anonymous09:45

      They have to send it to AJPES (they probably did at the same time they sent it to the CAA). Then they have to look at the results and then publish it. Next week or a bit more.

      Delete
    2. Anonymous09:45

      if they sent it also to ajpes at the same time as to the CAA, then in a timeframe of 1 - 14 days, as this is the timeframe that ajpes usually takes to look over the report and publish it.

      Delete
  11. Anonymous09:35

    No trick works for long with numbers. Grounding coming up soon.

    ReplyDelete
  12. Anonymous09:39

    I don't know what they can do to get them selves out of this mess. Even if some strategic partner came and pumped money (I fail to see who would do that) they would just continue the same way as they have for the past few years and in a year or two they would be back to square one.

    ReplyDelete
    Replies
    1. Nemjee09:44

      I think the biggest problem is that the Slovenian market is not large so it would take quite a long time for the investors to get their money back and actually make a profit.
      On top of that, making it in London would be next to impossible, feeding LH hubs might not be the most lucrative business ... so what advantage does JP really have?

      Yes, Slovenes travel a lot but from what I read on here they are also price sensitive and travel quite often to Venice or Zagreb to catch a cheaper flight.

      Delete
  13. Anonymous09:41

    4K - the turnaround experts!

    ReplyDelete
  14. Anonymous09:44

    I don't understand how they will be liquid in winter. I assume that bookings have sharply decreased due to all that's been going on so they won't get sufficient revenue from tkt sales.

    ReplyDelete
    Replies
    1. Anonymous09:48

      million dollar question, as all their account are blocked also today (so 2 days in a row). i have just checked and this is still "good" season techically. probably will be game of thrones: winter is coming. but more likely the episode red wedding.

      Delete
    2. Anonymous09:49

      Well the only thing that can save them is a capital injection.

      Delete
    3. Anonymous10:29

      Wow is it public knowledge that their accounts were blocked? I mean is it verifiable online?

      Anyone know who blocked their accounts?

      Delete
    4. Anonymous10:31

      Yes, you can check online if their accounts are blocked or not. It's publicly available.

      Delete
    5. Anonymous10:35

      Do you have a link for us who are not from Slovenia?

      Delete
    6. Anonymous10:39

      https://www.ajpes.si/?language=english

      Delete
    7. Anonymous10:42

      Thank you!

      Delete
    8. Anonymous10:44

      You have to go to AJPES site. Create a free account and then go here https://www.ajpes.si/ertr/JavniDel/Iskanje.aspx Type in 5156505000 for registration number and you will get status of their accounts. All of their accounts are blocked today too.

      Delete
    9. Anonymous10:45

      Outstanding liabilities - R

      Does that mean it's blocked?

      This is really not good. How do they manage to pay their bills?!

      Delete
    10. Anonymous10:46

      Their flight school has their account blocked as well.

      The end is near.

      Delete
    11. Anonymous10:47

      Yes, if there is a red icon it means it's blocked. It means that they have debt on that account. But like the article says it means there could be reservations for funds on the account so until Adria puts more money on the account it displays it as blocked.

      Delete
    12. Nemjee10:58

      Since their accounts have been blocked for a few days now it means that they are nearing the end of eh road.

      The king is dead. Long live the king. So who might step in after they are gone?

      My guess is:

      VIE: double daily on the Q400 operated by OS.
      MUC: double daily on the CRJ.
      FRA: daily or double daily on the CRJ.
      CPH: seasonally on SK?
      ZRH: daily on LX.

      Transavia would probably increase flights but there are no extra slots until next year.

      Delete
    13. Anonymous13:39

      And Wizzair will bring back the A380.

      Dont dream too much

      Delete
    14. Anonymous13:58

      Wizz doesn't have the 380 in order to bring it back anywhere.

      Delete
  15. Anonymous09:47

    Although a lot of people a cheering for Adria's demise (I'm referring to general public), I don't think they realize the loss that would be created with Adria;'s departure. We will see exactly what the government is planning. 4-5 routes saved by subsidies and operated by LH group. But forget many other destinations Especially Balkan ones which were mostly there to serve transfers.

    ReplyDelete
    Replies
    1. Anonymous09:57

      Yes, public officials and a part of private sector will lose. No one beside them uses JP. So it's quite difficult to sell to the Sloveninan people an argument, that they should pay rich people to fly.

      Delete
    2. Anonymous11:21

      We shall see. But judging by the fact that Wizz recently pulled out of LJU for the winter season, I don't believe there is a huge interest in LJU from other companies.

      Delete
    3. artflyer18:38

      1. Why can't the Slovenian government announce more PSO before Adria goes bust? The fact that Adria got public help less than 10 years ago doesn't mean it cannot fly PSO routes. This is like Slovenian government saying: OK, we know these routes are economically unsustainable, but we are ready to make up the losses on these route to anybody except Adria. We just look as they die.

      2. The prices after collapse of Adria will go up. Adria is dumping prices (ie forcing others to reduce prices below theirs) because it has a lower cost base than LH group and LH continues to subsidise its routes from LJU to get a market share. This will end as soon as Adria is gone. There will be no major inflow of lcc into LJU, because Slovenian market is too small for most of the lcc with their 186/230 seaters. This is like Estonia or Latvia case.

      Delete
    4. Anonymous21:37

      @artflyer: Exactly. But you still have wise ass Slovenians on here believing they'll be flying for 40 euros around Europe after Adria's demise.

      Delete
  16. JU520 BEGLAX09:50

    These Germans have proved to be even worse businessmen than Tufek Grasek etc were
    Big blame goes to SLO government for selling JP to these unprofessionals

    ReplyDelete
  17. Anonymous09:53

    U tekstu fali naj bitnija cinjenica,koliko vredi Adria? Po tome se vidi jos koliko im je ostalo mucenja?

    ReplyDelete
    Replies
    1. Anonymous10:01

      Zero. tangible assets are zero as there are none (planes, engines, HQ building, hangars, etc) because everything is sold/sold-leased-back. goodwill and brand name is deminished greatly, but let's say it's worth something. what is left - stake in amadeus...anything else? cash in the bank is currently nonexistant, as all acounts are bloked, which means that the amount of cash on the bank account was not sufficient to cover the whole amount of the debt that was to be cashed out by means of bank funds seizure.

      in any event the total of the left assets is not nearly enough to cover 60mio of debt to creditors + 15mio of current loss. so their worth iz zero.

      Delete
    2. Anonymous10:12

      Onog trenutka kada gubici premase vrednost cele kompanije stavlja se katanac

      Delete
    3. Anonymous11:41

      Regarding the value we shouldn't forget the bank accounts abroad. I presume, JP transferred the money to this accounts in order to protect it from creditors.

      Red "R" on their accounts stands for "Reservation" meaning there is not enough money there to cover judicially confirmed (final) and executed liabilities of JP.

      Delete
    4. Anonymous12:00

      doubt that a serious creditor didn't make use of the european enforcement order if he has a final court decision in his hands. it is likely that proceedings are in place also on these foreign bank accounts, just ajpes does not get that kind of information from foreign banks.

      Delete
    5. artflyer18:45

      What can a major creditor of Adria do? If there are almost no assets, then it can only hope the company will somehow continue to operate and generate some cashflow from these operations at least to repay some of the old debt. If they cease operations, the creditor gets what is currently on the account and that is it.

      The only real asset are slots, where an airport is constrained (ie Paris and Amsterdam). Not to many. If it only generated positive cashflows now, the old debtors would allow it to continue, but it doesn;t seem the case.

      Delete
    6. Anonymous21:06

      I believe the previous anon meant that probably even the foreign bank accounts are subject to seizure of funds, if the creditor is serious and wants to get as much as possible now, and only that ajpes does not get this kind of info from foreign banks to publish it, only from slovenian banks regarding accounts in slovenia.

      Delete
  18. Anonymous10:00

    The damage to Adria's reputation inflicted by 4K is long-term.

    ReplyDelete
    Replies
    1. Anonymous10:01

      To add, just look what happened last week with that cancelled flight to Vienna. Even FOX News in the United States reported the story. And they expect some foreigner to book a ticket?

      Delete
  19. Anonymous10:02

    Adria seems to be bulletproof to bankruptcy and it will stay with us for a long time.

    ReplyDelete
    Replies
    1. Anonymous10:11

      Unfortunately I think their luck has run out.

      Delete
  20. Anonymous10:10

    Dead man walking.

    ReplyDelete
  21. Anonymous10:11

    The CAA is in cahoots with Adria.

    ReplyDelete
  22. Anonymous10:15

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

    ReplyDelete
    Replies
    1. Anonymous10:17

      I think they some kind of holding company.

      Delete
    2. Anonymous10:18

      The STBE move was a common tax evasion scheme.

      Delete
  23. Anonymous10:15

    So what now for JP?

    ReplyDelete
    Replies
    1. Anonymous10:17

      They either get a new strategic partner or go bust. But time is running out.

      Delete
    2. Anonymous10:21

      if they magically don't find a sucker to dispose himself of some hefty millions of euros, then their next stop is the district court in ljubljana with their department for insolvency proceedings. and the pilots will be happy as they will be able to go on interviews in 15 days after that and they will not have to commute between LJU and foreign bases, but will be able to permanently stay abroad.

      Delete
    3. Anonymous10:24

      Bankruptcy - could be today, hard to believe they will last more than a couple of days.

      They owe money far and wide, when one of the creditors gets a proper court order, their planes will be grounded and anything owned by JP confiscated. Which is not much. If just one of the fuel providers stops its service, it's over. And in the past weeks, there were quite a few close calls with the fuel providers not wanting to refuel JP airplanes, but were paid in the last second.

      But yes, the charade is over, there is no mistery buyer from the USA or Ireland, this is, as they say, it.

      Delete
    4. Anonymous10:25

      oh wait they changed their address when they built the new HQ to the Brnik address. so maybe it will be the court in Kranj then (some english style black humor does not hurt).

      Delete
    5. Anonymous10:25

      They need somebody who wants to become a millionar to buy Adria.

      As with all things in aviation, and especially in cases like Adria, to become millionaire you have to be billionaire first.

      Delete
    6. Anonymous10:26

      @1021
      I don't see, how this has anything do to with the employees. JP was run badly when it was under the state ownership, it has been run even worse under the 4K vulture fund.

      Is it a worker owned company? Noup.

      Delete
    7. Anonymous10:29

      i was mentioning the pilots just for sake of the last strike and their demands for not wanting to be abroad that much. now their demands will be met, but just not in a way they planned and wanted.

      Delete
    8. Anonymous10:37

      @1029

      Well, yes, and as a fellow human being and a pilot, I can sympathize with them. Why would you wish such a lifestyle (that comes with working for Ryanair and co) to anyone - destroyed families, mental illnesses, alcoholism.

      Delete
    9. Anonymous10:43

      Weren't Adria's pilots claiming publicly on TV they have worse conditions than LCC pilots just days ago?

      Delete
    10. Anonymous10:48

      @1043

      They do. None of the LOCO's have a 5 days on and 2 days off roster. Usually 5-4. But you still commute home and worker legislation wise, you are more protected in Slovenia than in Ireland.

      Delete
    11. Anonymous10:55

      Apparently, Adria has already been sold (couple of weeks ago). To whom, I have no clue. We'll see if it's true.

      Delete
    12. Anonymous10:59

      I really hope so. It's their only chance.

      Delete
    13. Anonymous11:02

      Legal owners are still 4K and the Maltese lawyer.

      Just another fake news to keep hopes up.

      Delete
    14. Anonymous11:05

      Like i said, we'll se soon enough (either bankruptcy or naming of a new strategic partner).

      Delete
    15. Anonymous11:09

      @Anonymous 12 September 2019 at 10:43:

      Yes, they do. Worse roster and less money.

      Delete
  24. Anonymous10:16

    I'm not from Slovenia but I leave here. Locals do not realize it ofte, but the country is more like a neighborhood than a country. It might be good for life quality, but on the other side there's simply no critical mass for serius businesses, as commercial aviation is.

    ReplyDelete
    Replies
    1. Anonymous10:18

      Well, ironically, it will be the Germans who will close Adria's coffin.

      Delete
    2. Anonymous10:22

      +1.

      But people like to see things with rose-tinted glasses.

      Delete
  25. Anonymous10:27

    I just don't see how they think they can get someone to buy 50% or more of the company. Why would someone buy a near bankrupt company? The market isn't that huge, the planes are not owned by Adria, there are no valuable slots. What can they get out of it? Pilots?

    ReplyDelete
    Replies
    1. Anonymous10:32

      if you leave the company to fold you can get the pilots for free. why sink money into the company then?

      Delete
    2. Anonymous10:35

      There is no demand for CRJ pilots.

      Delete
    3. Anonymous10:38

      @1035

      The older pilots will retire, younger will get a different type rating and that's it.

      Delete
    4. Anonymous10:45

      But... Who is hiring in Europe to absorb 160 pilots?

      The market has cooled off significantly in the last 12 months with many companies going bankrupt (the distinguished list Adria will join shortly).

      Delete
    5. Anonymous10:50

      @1045

      Market was never really hot, the pilot shortage is myth, always has been.

      Some will go to the sandpit, some to the smaller airlines, some to LOCO, other to business aviation.

      If you know people, you can get a job. That's the way aviation has always worked.

      Delete
    6. Anonymous10:56

      Probably some companies will be even better at offering conditions. They'll say yes, you can come to work for us but you pay yourself your new type rating. Supply-demand.

      Delete
    7. Anonymous11:03

      @Anonymous 12 September 2019 at 10:50:

      Spot on. Pilot shortage was just a propaganda driven by major airlines to get more gullible youngsters to fund their own training in order to decrease pilot associated cost. Nothing more. Just look at Ryanair, the new conditions were in force for only a year and a new plan to drive them back down is already in place (Laudamotion and Buzz).

      Delete
    8. Anonymous11:06

      "If you know people, you can get a job. That's the way aviation has always worked."

      Yes, for mom and pop shops in aviation (and other businesses). Not for large airlines though.

      Delete
    9. Anonymous12:03

      @1106

      Noup, I'm talking about Ryanair, Emirates, Qatar etc. If you know higher ups in the pilot food chain there, they can get you an interview. It's the way aviation works.

      Delete
  26. Anonymous12:10

    The flying public should be extremely concerned and alarmed by this news - especially the fact that their accounts have been blocked. An airline that is not liquid or has no funds at its disposal, means that it has no funds to spend on safety - THE most critical issue with commercial aviation.

    The CAA has to IMMEDIATELY step in to investigate and reassure the flying public that while Adria might have its issues, it is at least safe to fly.

    In the absence of this, no one should risk their life flying with an airline that is low on funds or worse, has no funds to spend on keeping their aircraft safe and airworthy

    ReplyDelete
    Replies
    1. Anonymous12:20

      Shouldn't their AOC be suspended immediately because they no longer have the minimum amount of funds on their accounts?

      Delete
    2. Anonymous13:41

      What is your agenda in pushing this filth?

      Delete
    3. Anonymous13:53

      What filth ? You don't think that the flying public has a right to know that the airline has sufficient funds to maintain safe flying ??

      Delete
  27. Anonymous12:19

    Ex-YU market is becoming extremely monotonous. Remember some years ago we had Adria Airways, Croatia Airlines, Dubrovnik Airline, Trade Air, Air B&H, Montenegro Airlines, Belle Air, MAT Airways, Jat Airways...

    Now the way things are going the only airlines that will remain are Air Serbia and Wizz Air. This agony regarding JP is difficult to watch but it's also very symptomatic of Slovenia's economic situation in recent years when a lot of local legendary companies went bankrupt or were sold so that foreigners could be satisfied.

    ReplyDelete
  28. Anonymous13:18

    All those acid comments here will lead to nowhere. The airline industry is in crisis. FR and W6 cancelling routes. Max jet issues. Bankrupt airlines, fierce competition but...JP is still holding on.
    Star Alliance regional leading airline can sometimes face challenges.
    They are carefully revising profitable routes such as Denmark, Ireland, Sofia, Liverpool, Germany and eliminating loss making ones such as Lodz and Bucharest. No drama there.

    ReplyDelete
    Replies
    1. Anonymous13:21

      What are you smoking?

      P.S Adria does not fly to Ireland. And as for other of your profitable routes, it has just cancelled Liverpool.

      Are you a troll or paid bot?

      Delete
    2. "Carefully revising profitable routes". Cute. :)

      Delete
    3. Anonymous13:40

      FlyBosnia is expanding fleet and destinations. What if they buy Adria from 4K and turn it into airline that will bring tourists from JED, RUH, KWI etc to green forests and mountains of sLOVEnia? They obviously have the money, they have the tourists craving the nature and Slovenia has what they need?

      Delete
    4. Anonymous13:56

      Only 1 problem - they are non-EU and therefore can only buy up to 49% and if you don't have control, then you may as well flush your money down the toilet - even if they did (or their wealthy shareholder) have the money

      Delete
    5. Anonymous14:15

      >>What are you smoking?
      Despite the fact that what he says is far from the reality, he has a good point - the whole industry is in crisis. My 1986 Audi 100 is still alive with no rust whatsoever, but new Boeings can not fly, New Rolls Royce engines break apart after 2 flights and SSJs wait for the spare parts for ages. It's sad to see the Adria is dying but it is also much more sad if you take a look at the whole... picture.

      Delete
  29. Their bank accounts are not blocked but limited. They just can't operate with total amount of money on account because, only some of it because banks reserved some founds for their insurance. Also they have 14 accounts abroad which are not blocked.

    ReplyDelete
    Replies
    1. Anonymous14:54

      >>14 accounts abroad which are not blocked
      This changes the whole story. We were misinformed and this is the media campaign to drown the well-operating airline with the good name.
      I personally was cancelled twice and redirected to the 'technical switchover' (meaning 1 more takeoff + landing + 1.5hrs in the sky) once in the past 6 months. I may only guess what those guys in Vienna felt when they were told they are going by bus.

      Delete
    2. Information that accounts are blocked is fake information. That’s all I’ve said. I didn’t say that they are operating well.
      And I couldn’t care less about your cancellations and you personal complexes.

      Delete
    3. Anonymous20:57

      They are blocked. Like it says in the article the Slovenian ones are blocked but it does not mean they are bankrupt.

      Delete
    4. No they were limited and founds on accounts were reseved. Not blocked. And today they are neither limited or blocked.

      Delete
    5. Anonymous09:55

      That's true, however according to newspaper Finance, CAA has launched the procedure for revoking Adria's AOC.

      Delete
    6. I read about that. We must wait for couple of days to see if this is true. And if it is... Adria has one of the most incompetent management in history of airline managements. So that's it for Adria if CAA has launched the procedure for revoking AOC.

      Delete
    7. And revoking Adria's AOC is again fake news. CAA launched a procedure for renewing their licence.

      https://www.sta.si/2675880/odlocitev-agencije-glede-licence-adrie-airways-znana-do-konca-oktobra

      Delete
    8. Anonymous11:59

      Since 5 years ago, all EASA AOCs are valid indefinitely until revoked by authority or returned to CAA by the airline itself. So I say "renewing their licence" excuse is BS.

      Every air operator is under constant supervision by the authority to ensure amongst other things, ability to meet its financial obligations as failing to do so could mean that the airline does not have money to pay for maintenance, training, etc. As the supervision is on-going, there is no need for AOCs to have a fixed expiration date.

      Delete
    9. Anonymous12:25

      Original AOC document never really had an expiration date. But it requires every year check.
      And Adria is in that procedure right now. They can lose the licence in that procedure, but they are not in procedure of losing it.

      Delete
    10. Anonymous12:45

      Slovenian CAA will never revoke Adria's AOC.

      Delete
  30. Anonymous17:18

    So today they cancelled PRN twice, SOF and FRA?

    ReplyDelete
  31. Anonymous18:30

    Adria could have survived if they transformed into Air Dolomiti type of small feeder from LJU to FRA, MUC, VIE, ZRH etc.

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

    ReplyDelete
  33. Anonymous20:54

    Another fixed income will stop end of March: Luxair discontinue the Saarbruecken - Berlin service, which were operated by Adria CRJ700 aircraft up to 3x daily on weekdays.

    https://www.routesonline.com/news/38/airlineroute/286321/luxair-discontinues-saarbruecken-berlin-route-in-late-march-2020/

    ReplyDelete
  34. Anonymous11:57

    If most of their passenger is going to nearby airport, why then didn't adjust fleet (turboprop)?

    ReplyDelete

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