Adria Airways has announced it has officially filed for bankruptcy, ending 58 years of service. In a statement, the company said, "On Monday, September 30, 2019, Adria Airways filed a motion for bankruptcy proceedings of the company at the Kranj District Court. Bankruptcy proceedings were initiated by the management of the company because of the company’s insolvency and based on the Slovenian Financial Operations, Insolvency Proceedings, and Compulsory Dissolution Act (ZFPPIPP) which obligates the management of a company in the position of Adria Airways to file for bankruptcy proceedings of the company. The court has a three-day statutory period within which it shall decide on the opening of bankruptcy proceedings. The company announces that it will cancel all scheduled flights due to initiation of bankruptcy proceedings".
The Slovenian Minister for Economic Development and Technology, Zdravko Počivalšek, said the government was considering establishing a new national carrier to improve Slovenia’s international connectivity after Adria’s collapse. However, he noted this process would take some time and would require a firm partnership with Lufthansa, as well as political consensus in the country. Over the past week, Adria has cancelled more than 400 flights affecting over 15.000 passengers. The company's demise sees 558 employees left without jobs. Adria Airways operated the last revenue flight with its own aircraft and crew from Copenhagen to Ljubljana on September 23. Its overall final service was a charter from Paris to Ljubljana on September 30, carrying Slovenia's men's Volleyball team, who had just become runners-up at the European Championships.
European airlines that stopped flying in 2019
- Germania
- Flybmi
- WOW Air
- Aigle Azur
- XL Airways
- Thomas Cook Airlines
- Tus Airways
- Adria Airways
Adria Airways was purchased by the Munich-based turnaround fund 4K Invest in 2016 for a mere 100.000 euros through its subsidiary AA International Holding. Under its motto “We fix it”, 4K Invest said in 2016, “Adria Airways will make good connections available for business customers and offer attractive ticket prices for tourists. It will continue to serve the markets of Slovenia, Albania, Kosovo and Macedonia, connecting these countries with the world through the Star Alliance network. We intend also to grow in Estonia, a new market the airline entered in November 2015”. However, since then, Adria left Estonia and its passenger numbers from Kosovo have seen a notable decline. Earlier this year, the fund said there was no room for growth in Slovenia due to the small size of the market. In 2017, AA International Holding acquired Etihad Airways’ upscale Swiss arm Etihad Regional. The investment proved futile and the company folded shortly after. The circumstances surrounding its collapse are still under investigation by Swiss authorities. Since Adria's bankruptcy announcement this afternoon, 4K Invest shut down its website.
Comments
First flight with you was back in 1987 fm LJU to DBV and my last one 2 weels ago ZRH to LJU.
My thoughts are with the 100s of employees, some of them have been working for decades there. Hopefully they all soon find a new job challenge
he Cypriot airline TUS also announced that it will stop flights and will re-brand and restructure. so it is eight European airlines that stopped operating this year.
The market is really tough for smaller airlines.
I can be even more evil, what do you think about Norway and Sweden and Denmark? :)
Maybe the government should pay the one hundred most prominent Germans to cry and pray for Slovenia and ist stupid politicians ???!
All the other airlines must be stupid to fly there gratis ...
Winter is coming for a lot of them!
+1
Regarding yr reply to anon 1656h. The guy is right. There is just too much of capacity on the market and thats why even QR EK EY WY are suffering. EK had a sharp decrease in profits. QR WY EY fly big losses and are only thanks to Petro Dollars flying. WY has made over 0.5 bln USD losses last 3 years. It hurts very much to see airlines disappearing but it is the only way how others can grow more sustainable. A nation of 2 mio population can not afford an airline in todays market environment, it has no chance, especially not in our part of Europe where one airline covering the entire region cld might sustain but that will never happen due to known reasons
Btw good advice is not cheap ...
Good bye Adria. You deserved much better than these crooks.
Imho this is hardly possible since Norwegian does not earn any money, on the contrary, it burns a lot of it-meaning they can probably stay afloat until end of 2021 at the latest.
Quote:
"Stoga informacija od prije dva mjeseca da je 4K ozbiljan kandidat za kupnju Croatie sa kojim se ozbiljno pregovara u Vladi Hrvatske nije bila iznenađenje. Isto tako provjerena informacija da 4K pregovara sa Vladom Crne Gore nije me iznenadila. Čak štoviše i dok se nije znalo tko je fantomska „velika“ investicijska kuća koja već ima avio-kompaniju u portfelju naglašavao sam glavnim zrakoplovnim stručnjacima Crne Gore da je to sigurno 4K. I bio sam u pravu. No, istovremeno sam ponavljao de se 4K ni na koji način ne može smatrati velikom kompanijom (kako to ističe Vlada), te nikako nije iskusan u avio-businessu, toliko specifičnoj grani ekonomije u kojoj ne pomaže baš previše iskustvo u ostalim branšama.
Upravo zato sam i ponavljao da model koji provode u Adriji ne može polučiti dobre rezultate. Nažalost, i ovo se obistinilo.
4K pokušava projekt prezentirati kao uspješan.
(...) Sve to govori da management improvizira i istinski nije vičan avio-businessu. Ovoliko mnogo pogrešaka govori ili da su ljudi koji vode ovaj segment 4K businessa totalni diletanti ili se to radi namjerno sa ciljem bankrota kompanije. Daleko više o fijasku Adrije pisao sam u prošlotjednom članku.
A Vlade Crne Gore i Hrvatske doživljavaju 4K kao ozbiljnog kupca od kojeg se očekuje razvoj dviju nacionalnih kompanija. I dok Hrvatska ima i drugih ponuda, Crna Gora slijepo slijedi Adrijin put, i pregovara jedino sa „velikim investitorom“, kako oni percipiraju 4K."
https://tangosix.rs/2018/20/11/kolumna-alena-scurica-preuzima-li-4k-montenegro-i-croatiu-airlines/
;)
Only former YU countries travl agents via their IATA BSP's have sold weekly from some 6 to 7 digit amounts
IR
Sad for so stupid response from CAA and Travel association from ex YU countries
Only former YU countries travl agents via their IATA BSP's have sold weekly from some 6 to 7 digit amounts
IR
Sad for so stupid response from CAA and Travel association from ex YU countries
What might be an opportunity for small Ex Yu countries to have a single airline that is larger, more resilient and profitable could be viewed as completely opposite interest for LH, even if they could have made money on such Ex Yu arline. LH is not just about profits, they also seem to be about strategic destruction of everyone else in CEE.
yeah, I remember you were saying something like that. I guess I misunderstood. but you sure were wrong about what previous Anon said
The guy is not right neither are JU. JAT and Adria during ex-yu were NOT badly managed. Your nick shows it the best as well as known fact they were first/among first to introduce ultramodern technology of those times, and flew to all continents transporting more people than all ex-yu companies today combined PROFITABLY. Then we have the "theses swap" : criminals who came later are now presented as consequence of what was happening before, and truth is opposite - it was good and well managed before, and then criminals, referred as market economy moguls came and ruined it for their own benefit. Regarding non-sustainable small 2 million market, I will say only two words : Air Baltic Best regards.
Best of luck to the employees in the job hunt!
RIP!
bad news for LH Group.
To be fair, not all of it is that fault. Yes, they tried to expand too quickly in Europe against heavy weights of RYR and EZY and low cost long haul doesn't work, but the MAX grounding and 787 RR engines issue will put the final nail in the coffin.
Best thing we put Adria's logo in the flag and S5 on the car registrations as well.
You can find on Internet if you search .
Most Germans do not even know that Slovenia and Slovakia are not one and the same country.
JU and JP back in the 80s hat capable people, JU was even profitable late 80s but these were also other times with regulated markets
Eventhough Air Baltic is airline of Latvia, they cover all 3 Baltic republics with a population of 6 mio and u re right they are well managed and i am sure there is less corruption and a more healthy working environment for companies. I dont want know how much money is going thru dark channels at OU YM or at their governments. They must be inefficient to hve such losses. If MNE HR SLO would create an ADRIA Adriatic Airlines, politics would be kept out, then there might be a chance or u take LH into the boat and create a Lufthansa Adriatic, maybe than there is a chance. But look at OK RO FB also they re in troubles. Even SK is not healthy and if u go long haul, since u re in the eastern part of Europe, you wld hve to pick up Long hauls to Asia where u compete with governments of Turkey, Qatar, U.A.E which makes it impossible again if u dont hve a certain size. Most realistic to me is LH group taking over LH group hub flights plus all other existing. Eventually even SK to CPH
Then again the amount of Slovenes flying on JU these makes sure the Atr is not sent to LJU.
LOL!!
why are you replying to your own posts
Guess he might need some more time to make it happen. Still Estonian was state owned when become bankrupt. Adria was a private entity, so he needs to find right partners on government side to talk as well as airline partner interested to coop.
http://rs.n1info.com/Biznis/a497964/Posledice-slovenacke-prijave-po-Er-Srbiju.html