Adria remains grounded as debt reaches €90 million


Adria Airways has extended the suspension of most of its services until Monday afternoon. Germany’s WDL Aviation will operate a flight between Ljubljana and Frankfurt on Saturday and Sunday on behalf of the Slovenian carrier. Adria plans to resume a select number of services to Lufthansa group hubs on Monday as the airline continues to seek a solution to its financial problems. The carrier will operate one return flight each on Monday afternoon from Ljubljana to Frankfurt, Munich, Vienna, Brussels and Zurich, as well as a one-way flight from the Slovenian capital to Tirana. It is unclear whether these services will be run by Adria itself or a wet-lease partner. The airline has already cancelled a total of 355 flights since Tuesday, affecting some 13.700 passengers.

Adria has until midnight on Tuesday to submit a viable financial plan to the Slovenian Civil Aviation Agency to keep its operating licence. The country’s Prime Minister, Marjan Šarec, said the government was looking into ways to help the national carrier but added possibilities of assisting the firm were slim. "The owner is bad. Adria didn’t fall into the right hands and the management is acting recklessly. You cannot give money to those who cannot handle it. You can give them two million today and they won’t have it tomorrow. Throwing money at something while not knowing where it will end up and what will come of it is a bit risky. Things are not looking good”, Mr Šarec said.

Grounded Adria fleet at Ljubljana Airport

Just prior to suspending services on Wednesday, Adria’s management sent out an ultimatum to the government to provide four million euros, warning it would otherwise file for bankruptcy. The Bank Assets Management Company (BAMC) is now looking into Adria’s financial situation and whether the four million euros would be sufficient to save the company. BAMC has instructed the airline’s management to submit proof of alleged debt write-offs agreed with creditors. It is believed the firm would need at least 35 million euros just to resume most of its operations. Adria Airways has already recorded a net loss of over eighteen million euros so far this year, while its debt stands at over ninety million euros. Furthermore, half of the airline’s fleet has been repossessed since last Saturday.




Comments

  1. I doubt they will be the operating carrier on Monday. Would not sit in their panes for safety reasons anyway.

    ReplyDelete
    Replies
    1. From 20 years already. Adria was a source for politicians to squeeze money out.

      Delete
  2. This is becoming a farce.

    ReplyDelete
    Replies
    1. From the first day 4K took over company

      Delete
  3. So they issued an ultimatum only to back down and beg for more help and extra extensions? OK.

    Where is the Estonian wunderkind? Has he issued a statement of any kind?

    ReplyDelete
    Replies
    1. No. He is a keynote speaker at the "Wings of the future" summit. I kid you not haha.

      Delete
    2. Ironic and sad.

      Delete
    3. Not surprised. Ivan Misetic, who destroyed any chance of Croatia Airlines to be big and good company, is "big face" internationally in civil aviation, issues books in Croatia for University students about civil aviation and so on

      Delete
    4. And btw he came to Croatia from Adria

      Delete
    5. What did he do in OU?

      Delete
    6. Where is he? That would be Tallinn

      Delete
    7. And at the same tine he was sitting on Lufthansa City Line board of directors. Talk about conflict of interest.

      Delete
    8. But what did he do that was so bad?

      Delete
    9. Ivan Misetic was the best CEO Croatia Airlines ever had. It started to go downhill for them only when he left.

      Delete
    10. Interesting, do you mind expanding on that for us who are not familiar with his role in OU?

      Delete
    11. For those who claim Misetic was the best and for those interested what was his role, I "ll list just few things he did wrong : First," sold" croatian market, and we all witness to its potential, to Lufthansa, and cemented the role of OU as feeder to Star instead developing own company and making ZAG proper hub. Second, during his era, the term "professionalism" vanished from the company, and promotions were possible only by Party or relative line, including the most sensitive sectors as for example Flight Operations. Third, and related to second, during his era, most of around 300 administrative personnel in excess were employed, sometimes on positions non-existent in other airlines and "invented" for them, again by Party or relative line. Fourth, he totally spoiled relations with Unions. Fifth, he missed opportunities to develop company at time when all neighbours, except for Adria, were "down on the knees". And sixt he did all of these for his own benefit, material and non-material. If that's "the best" than my "hat off" for you and your logic.

      Delete
    12. Was it during his time OU cut PRN and TGD?

      Delete
    13. These two, I think later, but during his time they cut scheduled Istanbul, Berlin, Madrid, Moscow, Tirana, Budapest, charters to Malta, Hamburg, Manchester, and many others

      Delete
    14. Wow those are some major cuts!!!! Especially Berlin that can easily be fly with q400

      Delete
    15. Misetic is also the one who instead of buying the Q400s outright he set them up to be leased via a leasing company he set up. So OU pays Misetic’s company the lease for their Q400s and than Misetic’s company pays the aircraft owner.

      Dodgy!!

      Delete
    16. And that system is still in place? lol

      Delete
    17. Still in place and renewed recently.

      Delete
    18. This has occasionally been mentioned in the Croatian media but nothing ever comes of it.

      Delete
  4. All 4K managers should be named by name and surname and shamed for their destruction of Adria.

    ReplyDelete
    Replies
    1. They should do a walk of atonement in King's Landing

      Delete
    2. They should all be investigated by the courts.

      Delete
    3. They won't, they'll get away with it.

      Delete
  5. 90 million!!! Good luck coming back from that.

    ReplyDelete
  6. Sad to see all those Adria birds grounded.

    ReplyDelete
  7. Just 12 flights out of LJU today and most of it on smaller planes. This month will be a disaster for LJU.

    ReplyDelete
    Replies
    1. Airport was ghostly empty yesterday :(

      Delete
    2. This limbo situation is the worst. They should have revoked Adria's license and either set up a new airline or start bringing in new carriers, subsidized or not.

      Delete
    3. What worries me is that not many new airlines will rush to launch LJU flights. They would have done it already. Where is Wizz Air? Where is Lauda? Where is Lufthansa? Where is Vueling? Norwegian? Aegean?

      I think LJU will end up handling around 1.5 million long term.

      Delete
    4. LH group does not give a toss. They ordered the bankrupted Adria to operate flights to their bases so they get their transfer passengers.

      Delete
    5. Wizzair is back in the game for LJU winter season.
      Mark this words...

      Delete
    6. But LH IS still losing here compared to others. They can't carry any US passengers without morning flights!

      Delete
    7. All airlines except for JU are waiting for subsidies. If they start or increase frequencies now, they will have difficulty in negotiating those. So they dont do anything for now. Apparently either JU doesnt understand this game or they think that for political/historical/other reasons they stand of no chance of getting those.

      Delete
    8. I think JU doesn't care for subsidies in LJU because it's a route with considerable O&D demand, yields are definitely there. For Air Serbia timing is everything especially now when this ongoing JP agony has more or less blocked JU's main competitors in LJU: OS.
      Austrian Airlines has a solid network to the Middle East, Balkans and Russia while going there via LJU is not such a detour. Since there are no flights from LJU to VIE at the moment, a considerable traffic will be directed via BEG.

      For the time being, the biggest winners of Adria's demise are AF-KL and JU.

      Delete
    9. '...while going there via LJU...'

      Typo, I meant to write via VIE.

      Another point to add, VIE is right now a bloodbath meaning that OS is in no position to bother with JU in LJU simply because it has bigger fish to fry, starting with EW whose Austrian operations have come crashing down.

      Delete
    10. And this o&d between lju and beg that makes airserbia not caring for subsidies is how much? 30 pax daily or less? Subsidies means possibility to offer lower fares and those who now use rescue fares by airserbia will go elsewhere for lower fares and better connections as soon as occasion arises. There is no place for loyalty or gratitude here.

      Delete
    11. The point is that LJU could work for JU even without subsidies, it's not an existential matter for them. It was far more important to enter the market before their competitors could respond. Air Serbia got a chance to make its product known to the general public who might consider them the next time they are flying somewhere.

      I am sure that for many Air Serbia is still unknown, this was a great opportunity to change that.

      Delete
    12. Also let me remind you that it's not just Air Serbia which announced more flights but it was also Air France, Transavia, LOT and Montenegro Airlines. Are you implying that they made a bad call? No need to constantly single JU out when coming up with your conspiracy theories.

      Delete
    13. If LJU go with subsidies they will probably do it for few cities/hubs in Western Europe, not likely that BEG will be on the list.
      Although I think that is not really meaningful to talk about winners & loosers in LJU after few days kudos for JU efforts until now. Once the whole saga with Adria is over we will see some action from LH (and friends), subsidies, etc. but until then JU is playing very good game, having a boost of traffic on a short time frame and building better position on the market for future.

      Delete
    14. Next time they fly they will just look for the best fares among those who offer reasonable connection times. Sorry it goes like that.

      I also hardly believe people in lju wouldnt know ju. Its not as if they have hundreds of airlines flying to lju with multitude of connections to choose from. And I doubt they will find connecting in beg materially different to connecting for example in vien or waw so no real catch here.

      Finally costs of ju arent that low because of the small metal they are using and limited average lf of some 71% yearly mostly due to limited number of interesting onward connections. The only thing in favour are lower wages, no rental payments as long as they can continue to exploit the birds they own and support from the state.

      Delete
    15. So my point is not to put one's back to subsidies. And I assure you the more wealthy airlines will be after them but ju will not get them as they already increased frequency. Too early.

      And pls dont give me an example of the ever loss making af or of lot increasing number of flights by one weekly.

      Delete
    16. Funny how according to our old compatriots on this forum, there is absolutely nothing that makes BEG or JU competitive in any market, yet both of them keep on expanding, improving and growing. I guess it must be all those state subsidies the Serbian government is giving them to fly empty planes all over the world.

      So you don't want to speak of the loss making Air France or LOT (who isn't loss making btw) but you wouldn't mind loss making SN Brussels, Austrian Airlines or Eurowings flying or even dominating in LJU. Interesting.

      We can discuss and debate as much as you like but black on white facts prove your theories are wrong. JU does well in the entire Balkan peninsula. Didn't someone write yesterday how JU will offer more flights than OS to both Athens and Thessaloniki during the winter months? Wouldn't that make JU more competitive in those markets than OS when someone is looking to book flights to/from LJU?

      Finally, I highly doubt LJU will be giving out massive subsidies to airlines. Discounts maybe but I doubt subsidies will be on the table. Why should LJU give money to Eurowings when Transavia is expanding there without them? Why should LJU give money to LH when AF almost doubled their LJU flights this winter?

      I don't see the logic of insisting on subsidies this whole time. To me it's as if you desire the airport to give money to Germanic airlines so that they retain their dominant status in Slovenia which has been threatened since JP collapsed.

      Maybe the Slovenian government can save JP by offering some cheap agricultural land like Serbia did in order to attract a wealthy investor from the Arabian desert. :D

      Delete
    17. @ArtFlyer
      I don't know what are you doing for living, but if you think that all consumers always behave in same way, I really do hope you are not working in some sales organization :)

      Delete
    18. Stop putting things in my mouth.

      I listed key advantages of ju: lower wages of employees, own planes that you dont need to pay rent for, state support. Was I wrong?

      I also mentioned some key disadvantages like low lf which is due to limited onward transfer options (my recollection was 71% yearly - if not that then what was the reason for this lf?) and smaller aircraft with higher cost per seat. Was I wrong?

      Was this disrespectful? No.

      I didnt say lot was loss making. I said that about af.

      I mentioned that neglecting Slovenian subsidies is wrong and you think it is better to go fast without them. Here is were we differ on arguments.

      Delete
    19. And on the growth point. I wish ju all the best. Both opportunities and challenges are ahead. It is now too soon to make judgment whether this is sustainable. Give it 4 or 5 years to judge. Expansion is a risky period.

      Delete
    20. Those are only some advantages. First of all, JU owns some of its planes, the backbone of its fleet is leased and as time goes by this will become the norm because both 733s and Atrs are slowly being replaced. Only 3/6 Atrs are owned by JU from what I know.

      Second of all, the biggest advantage JU has is its geographical location. Right on top of the Balkan peninsula offering fantastic connecting possibilities without causing much of a detour with the exception of Moscow, of course. On top of that, Air Serbia is sending its extremely cost efficient Atr in a market with considerable O&D demand meaning yields are not an issue. This makes JU extremely competitive as it can afford to lower its margins for transfer passengers flying to/from LJU. This is actually key and that is why talking about LF in such situations is not really wise. In stead, we should look at Q1 2019 numbers.

      BEG-LJU
      Q1 2018: 12.700
      Q1 2019: 13.108

      So Air Serbia saw its numbers improve in LJU this year and this is even before all those new routes were introduced in summer 2019. Interestingly enough a friend who works at the airport told me that JU has transfers from LJU to KRR. Not many but there are some, around 5 passengers per flight. Sure this might not mean much to the KRR flight but it does for the LJU one that's operated by the small Atr. Those five passengers represent 3% of the seats on the A319 but 7.5% of the Atr.

      Funnily enough (or not), VIE and BEG are more or less tied from LJU.

      LJU-VIE
      Q1 2018: 12.561
      Q1 2019: 13.167

      If we take the BEG and VIE numbers in Q1 of this year and calculate the number of one way passengers we come to the conclusion that both airlines had 73 one way passengers. So in theory who made more money? Was it JU with its cost efficient turboprop or was it JP with its regional jet?

      As for growth, there is nothing to wait and see. Air Serbia has no other choice if it wants to survive. There is no way it can reach profitability without volume and it can only achieve that by adding transfer passengers to the equation. JU needs to copy LO's and BT's homework because they themselves were in the same position JU is in today.

      Delete
    21. Why Vie is so weak from lju?

      Delete
    22. it's close, closer then Belgrade for example. Roughly it's less then 400km, no border, Slovenian loves to drive, more connections at Frankfurt.

      Delete
    23. JP has double daily flights to VIE so their LF was pretty bad.

      37/90 or 41%

      Delete
    24. Air Serbia might consider offering to base 1-2 A319 in LJU to Slo government, similar to what they did in INI. For a relatively small fee and no risk, Slovenia could select a number of destinations they want served from LJU. Local pilots and FAs could be employed and whole thing could be setup in short time.

      Delete
    25. Slovenian government gave JP €4.5 million for BRU flights. Serbian government gave JU €5 million for a dozen destinations to be served over a period of five years.

      Who wore it better?

      Delete
    26. You can give 10 mil to 4K and they will burn it all by next week! BRU deal was not a good negotiation example, but Slo Govt could try to negotiate a better deal with Air Serbia. Star Alliance airlines will soon jump in with service from LJU to their hubs so Slo Govt could then pay Air Serbia to fly from LJU to other destinations like Prague, Pristina, Sarajevo, Skopje, Sofia, Tirana, Spain or whatever else they want.

      Delete
    27. Re. Nemjee

      Who made more money (JU or OS) depends on the fares, which we don't know. If OS had higher fares, as I would certainly expect, they made more money. Pls note that OS transfers a lot of those pax from LJU onto its lh flights, which are generally higher yielding than sh, so it was for OS easier to subsidise a relatively short segment LJU-VIE than for YU an even shorter segment LJU-BEG.

      Sorry, but a comparison with LO and BT is totally missed. LO is expending thanks to a good stream of revenue it has from its lh flights to ORD, YYZ, JFK. LO just keeps reinvesting this money. Because these are very high-yielding flights for LO, this allowed them to stay in black all the time since expansion started in 2015. YU doesn't have a cash cow like this to finance its expansion and its O&D market is much smaller and lower yielding. Not YU 's fault but it is a much much more difficult task. If you want, you may say it follows LO pattern only on a very general level - they both expand, but as I tried to explain the approach to expansion is very much different. I also see little chances for JU to expend very much in lh in the future and without that I guess lf will always be a problem on many sh routes, unless JU sticks to smaller planes. Wishing all the best, but this is my frank opinion.

      The same way BT: its patern is neither similar to that of JU nor to that of LO. BT is just an lcc carrier for the Baltics. Baltics are of little interest to lcc carriers like Ryanair or Wizz, because of a very small and dispersed population unable to fill big planes these two carriers are using nowedays. This allows BT to be an lcc carrier with smaller planes and more or less an lcc monopoly there. They are not making money (close to zero all the time) and I think they will choke when they have to pay for all the planes they ordered in order to get a massive price discount or when there is an economic downturn as they have no chances of manouvering their planes between different markets and most of the routes they may fly in the Baltics they already fly.

      Delete
    28. LCC have no interest in Baltics?!?!


      Since when?!
      Lol

      Delete
    29. Anon 20.30:

      Can you read with comprehension? Not? LOL.

      I wrote that lcc like Ryanair or Wizz have "little interest" and not "no interest" in the Baltics. Indeed they cover key expat routes where they can fill these big planes of theirs, but cannot expand outside of that because their planes are just too big for the Baltics. This leaves a niche for BT.

      Delete
    30. RIX had 7,056,089 passengers last year, 54% was BT while FR 15% and W6 was 8.4%.

      FR had 1.058.413 which is a lot.

      FR has 8 destinations out of TLL.

      In VNO both FR and W6 are extremely strong, look at their destinations.

      In Kaunas as well FR and W6 have a lot of passengers. So in total I think they are bigger than BT in Baltic region.

      Delete
    31. Do Wizz and Ryanair have some thick expat routes from the Baltics? Yes, you proved it.

      Can they really go after BT on most of the routes that BT runs? No. Too thin routes for their planes. An lcc niche for BT. If BT would operate on the exactly same market, it would be destroyed by Wizz and Ryanair as a matter of principle before it would even start to grow. They would throw such an overcapacity and so low prices onto the market, that by now we wouldn't even remember what BT meant.

      Delete
    32. So we can apply the same logic to JU then. ;)

      You said this: Baltics are of little interest to lcc carriers like Ryanair or Wizz...

      With 1 million passengers in Riga I think you can say you are wrong. I think Baltics are of a lot interests to LCC.

      Delete
    33. I will try to explain my position once again: both Wizz and Ryanair will exploit thick expat routes from the Baltics. There may be millions of pax in Riga, but I would expect a geographic split of these pax so there will be routes with really many pax (those routes are of interest to Wizz and Ryanair) and routes with little pax or at least little pax interested per a single flight despite low frequences of these flights (these routes are exploited by BT as their niche and really neither Wizz nor Ryanair can compete here because of the size of their planes). A route to Oslo or London is the one for Wizz or Ryanair and here are the milions you are talking about, but a route to Nice or Bordeaux is and will stay a monopoly route for BT. This is why BT exists.

      As to JU: yes, I think it was one of the ways for JU ahead. To follow the BT example. Introduce middle-size (ie smaller than Wizz or Ryanair) new economic planes, densely seated, few lavs, no free food (you probably still remember this experiment?), paid catering. No lh, no small planes with high cost of seats. Stay with low frequences and fly cheaply the routes that will never be available to Wizz or Ryanair even if they were to do it on low frequences. Develop the market for a less wealthy customer in the Balkans. But this has never been fully implemented and many people laughed at it because they want a prestige from a national carrier. So Ju went a different way.

      This is why I protested above against compering Ju path to that of LO or BT. Completely different! The only common element is the word expansion.

      Delete
    34. Expansion was the only thing he was talking about. You went in another direction.

      Delete
    35. Fairly certain that OS carries way more J type paying pax vs JU. As for P2P, doubt VIE has much due vicinity, but I also would not be surprised to see low average P2P fare on JU. I may be wrong, have no data, just an impression really.

      Delete
    36. Anon 06.05

      From what I've seen, JU isn't very cheap to LJU. Every time I look a return ticket is around €170 without luggage. Of course it tends to go even more than that once the plane fills up.

      Artflyer, my reference to LO and BT was that just like them, JU needs to find a way to grow and to overcome the shortages of its relatively small home market. After all, the government invested in INI thus providing JU with a whole new catchment area which was unattainable from BEG due to the distance but also due to the destinations and costs of flying out of BEG.
      On top of that, we've seen JU introduce charter flights from places like Ohrid or Banja Luka further casting a wider net. Mind you, Montenegrin tour operators are working with JU so their customers fly on a regular flight to BEG (on JU) and then they connect onto a charter flight. So you see, JU is already working on finding ways to get additional customers. They are not static. They did the same with all those new European destinations they launched in summer and they were all total successes. Krasnodar was a total hit because it's a relatively large market with decent income. With Ukraine International blocked from Russia, they had to connect either in Minsk, Istanbul or Moscow. Belgrade is far more direct than Moscow or Minsk which is probably why it has become so popular. I am sure yields are not bad either as the route tends to have business class passengers, just the other day they had 2 that connected to Vienna which was, thank God, operated by the A319, not the Atr.

      Many people today praise Aegean but they don't know or don't remember under what circumstances they started. No one expected a tiny regional carrier to make it against a colossus such as Olympic Airways who at that time flew with A340s to Australia, Canada, South Africa, Singapore... But they did. Why? Because over time they provided its passengers what they wanted and what they needed. As time went by they kept on expanding more and more until they became what they are today.

      And yes, they operate out of Greece which is a massive market but that's besides the point because each route they launched already had someone flying it. Even when the Greek economy collapsed they managed to remain profitable and to keep on expanding. Transfer passengers allowed them to do that.

      In conclusion, Air Serbia doesn't have to invest millions into a long-haul product like LO did. They don't have to invest in brand new planes like BT did. All they have to do is introduce second hand Atrs and A319s and to keep on cautiously boosting their network like they did in 2019. That's the way forward for them. They have no other option. Actually they do, they could stagnate, amass losses, start shrinking and then eventually go bankrupt.

      In aviation everything is possible as long as you have a business plan. Just look at what Dubai did with Emirates. Yes, they got state subsidies but so did Etihad. Money isn't everything in this business. Having a clearly defined goal is key and for JU it is to keep on doing what they started doing once Etihad was no longer in the picture.

      Delete
  8. Love the odd Tirana flight on Monday.

    ReplyDelete
    Replies
    1. It's probably the late night flight with return on Tuesday and the only reason it's operating is probably because there are a lot of transfers from one of the LH hubs

      Delete
  9. Slovenian economy will tank when it goes bankrupt on Tuesday at 23:59.
    In the long term the economy will recover and hopefully new airlines will start flying. And slovenes will forever have at least 1 less thing to pump tax money into just to see it disappear and fuel the people in charge.

    ReplyDelete
    Replies
    1. Will the economy even feel it? JP was already irrelevant by the end.

      Delete
    2. Yes, it will feel it. Tourism will be hit and reputation for Slovenia as a tourist destination will go down. Therefore less people, less money spent, less growth.

      Delete
    3. Will it really? Half of tourist come from Germany, Austria and Italy. Followed by The Netherlands, Croatia, Hungary, UK, Czechia, Serbia and France. All of these countries have direct flights without JP or are easily accessible by land. Slovenian economy won't tank.

      https://www.slovenia.info/sl/poslovne-strani/raziskave-in-analize/turizem-v-stevilkah

      Delete
    4. LOL. gotta love the humour of some commentators. economy and tourism tanking because of adria...what a joke. But hey, for the sake of having nothing to do let's look at the numbers (official numbers that is).

      Per CEO Kowarsch's own words, O&D passenger in-out of LJU are only 400.000 per year - that is 200.000 in each way. Per Slovenian tourist board the average tourist spends approx 70-80 EUR per day, the average time of stay is 2,6 days, and in 2018 all revenue from export tourism (so "exporting" slovenian tourist products to foreginers who come into the country) accounted for 2,71 billion EUR.

      So if all the 200.000 passengers who would fly in and out of LJU are foreign tourists (which are clearly not) and they spend the 80 EUR per day average and the average stay is 2,6 days, then 200.000x80x2,6=41.600.000 EUR.

      So the 41,6 million EUR is 1,53% out of only the foreign tourist (export) revenue. If we count the whole tourism income, the effect is logically even smaller.

      so the math does not support the notion that the tourism economy will tank if adria collapses

      Delete
  10. 40 people already fired at LJU because of less work. These were not seasonal workers btw as Fraport originally suggested.

    ReplyDelete
    Replies
    1. 40 people employed through the agency, gone at the end of September, lots of them were here for almost two years, so it’s not seasonal. Some students, too and more will fallow. When asked by Finance if they are letting people go because of Adria, they responded that is because of the end of the season. Sure, that make sense. We were not able to provide enough people for what airlines demand (except Turkish, they are strict enough to not bargain over their policies) during the summer, and we still can’t do it, even with Adria not flying. Fraport just won’t understand there is not enough staff.
      During this summer lots of employees in ground handling quitted because those f**ked up schedules are not worth our health. Those who didn’t quit, worked way too much and really on the line with the law. The result is huge number of sick leaves and people working without healing injuries that happened because of hurry and overload. This craziness will now extend in winter schedule.
      ‘Family friendly company’ my ass. We don’t have time or energy for family during summer season and now we won’t have it even through the winter. Thank you Fraport for treating us like shit and robots.

      Delete
    2. These are agency workers, most of them were here for summer season
      https://live.finance.si/8953050/Je-Fraport-res-odpustil-60-ljudi-zaradi-Adrie

      Delete
    3. He obviously works at the airport and knows a bit more about the whole story.

      Delete
    4. Anon at 9:47 I also work at the airport (not for Fraport) and I haven't been on vacation since January 4th and as it seems I won't be on vacation till September 2020, because there's just too much work. I however don't complain and just work work work since I understand this is because of the unnatural economic growth the past few years. However that's coming to a stop and I think we'll all be able to breathe a bit more in the end of next year. That's what I'm hopeful for.

      Delete
    5. Anon at 09:47 is not the only one working for Fraport. Yes for last two years the work load is huge but on the other the trade unions are actually saying that there is two much workers in groundhandling, so go figure...
      Also as ground handling worker at LJU he should also know that some menitoned problems are related to AA flight schedule and theirs blackmailing. I have a hunt that this is about to change.

      Delete
    6. We also have to take into account the prices that AA is/has been paying at LJU. When AA had 75% traffic share their shate of LJU taxes income didn't even reach 50%.
      New carriers wont have such discounts...

      Delete
    7. They will get higher discounts just to agree to fly and so that the terminal is not empty.

      Delete
    8. I highly doubt that, but let's wait and see

      Delete
    9. Anon at 10:07 most people at LJU can't or won't understand that

      Delete
    10. Anonym 0947h

      You work for Germans. Fraport is same mess in FRA. Companies are saving at the bottom, to fill the pockets on top. This neoliberal trend origins fm the US and former US president Reagan was the iniciator for this new biz culture

      Delete
  11. This just goes from bad to worse.

    ReplyDelete
    Replies
    1. It can not get worse than this.

      Delete
  12. It's amazing how 4K in two and a half years bankrupted two airlines. You really have to be a talent to do that.

    ReplyDelete
    Replies
    1. * Three and a half years. Let's not give them undue credit ;)

      Delete
    2. It seems that they were in trouble even before 4k

      Delete
    3. We all conveniently blame 4K but we should not get carried away because of all the recent memories and latest media articles. Fact is AA was destined to be bankrupt much before 4K. 4K just extended the time by 3 and half years. I dont wonder if there is a new attempt to continue this airline and continue pulling money out from it.

      Delete
  13. They must have withdrawn millions of cash to their accounts with such debts.

    ReplyDelete
  14. After doing so much damage, the 4K criminals just won't let Adria rest in peace.

    ReplyDelete
  15. Same debt amount as YM, but YM's AOC is firm as the AOC of EK...

    ReplyDelete
    Replies
    1. Of course, both are political projects in countries where one man decides on everything.

      Delete
    2. The difference is that YM's debt is local, owed to local suppliers who are all also state owned. Adria owes money to foreign creditors.

      Delete
  16. JU was packed to the last seat from LJU this morning.

    ReplyDelete
  17. Who will pay these huge debts to the creditors after Adria will be finally bankrupt? Is it really so easy to go away with such big debt? I can't get it properly. You need to have like "guarantors", you need to have an insurance, loans from banks must be covered or is it still old Yugo style in Slovenia?

    ReplyDelete
    Replies
    1. We are talking of a huge debt that was accumulated for long time. It's not an unexpected event that just happened. I don't know the rules of the economy that allow such unsustainable behaviour. Can't get how this speculation can work well for creditors loosing big money.

      Delete
    2. State companies don't care about money that must be given to them. It's tax payers money.

      Delete
  18. Damn, does this mean all flights on tuesday are grounded as well? Either way I don't think Adria are coming back from that.

    ReplyDelete
  19. I would expect a lot of money is still with credit card companies as in the situation Adria has been in for months I would expect them to withhold all money until a given service paid with that money is actually rendered to a client. Who is the credit card agent here?

    ReplyDelete
  20. I’m wondering who is paying for these flights to star alliance hubs. WDL Aviation must’ve asked for upfront payments.

    ReplyDelete
    Replies
    1. well, right this moment they have one of the 5 slovenian bank accounts unblocked, so they are on a roll

      Delete
  21. My guess would be that it's the pax who are paying for these flights ;-) Who else if the LF is at or near 100%?

    ReplyDelete
  22. Now we can start a "new" company Adria Aviopromet and talk with Sukhoi ;)

    ReplyDelete
    Replies
    1. We dont need an airline, what we need are hospitals, retirement places and better road and rail infrastructure

      And keep Sukhoi Crap in Russia, Slovenians are western minded, we prefer Airbus/Bombardier/Embraer planes

      Delete
    2. You are right JU520 BEGLAX! Maybe Slovenians should get the newest technology from the West, B737 MAX! Or maybe the C-series whose engines keep on failing.

      Delete
    3. where are administators to stop these everyday trolling

      Delete
    4. What's exactly wrong?

      Delete
    5. Andrej767, to start new Adria Aviopromet you would need to buy back the name Adria and to pay or arrange payments for those 90 mil eur debt. There are also a couple of other things you would need, and only then you can talk to Airbus, Boeing or even SpaceX if you want.

      Delete
  23. Oh...Come on give me a break, who are they mocking? Yes I am very sorry for the employees, it's all management 's fault, we all know it but it is unevitable as Thanos says for the company to go bankrupt.

    ReplyDelete
  24. The german media reported that all 3 Airbusses are repossessed by the lessors. Can somebody verify this ?

    ReplyDelete
    Replies
    1. Yes. It was reported here earlier
      https://www.exyuaviation.com/2019/09/decision-day-over-adria-airways.html

      It was announced by director of Slovenian CAA.

      Delete
  25. Such financial situation but CAA did not revoke their AOC a couple months ago, what a joke!!

    ReplyDelete
    Replies
    1. and no one is revoking your everyday stupid comments, so what ? ...of course everyone was waiting untill the last moment..it is in slovenia interest to have a national airline...all ex-yu airlines should go down, if really strict rules are applied

      Delete
    2. Criminal investigation will be the only solution

      Delete
    3. What strict rules would shut down JU or YM? Actually if we were to follow strict rules then Wizz Air base in BEG would be shut down. lol

      Delete
    4. In Skopje and Tuzla too.

      Delete
    5. Anonymous@13:29: Your comment perfectly encapsulates the CAA's political, non-independent mindset. Its decisions should have nothing to do with whether it's in "Slovenia's interest to have a national airline" (itself a debatable proposition). As independent agency, the CAA should be above political pressure. Unfortunately, it's not, and the fact that Adria still has its AOC is a disgrace.

      Delete
    6. @Anonymous 1329

      What do u want? Burning other millions of tax payers money like in the past 28 years or do you want better healthcare infrastructure, more retirement homes, better public transportation infrastructure? Maybe you should start a referendum and ask taxpayers if they prefer to wait months for a surgery appointment or a national carrier burning year by year their taxes. Maybe u should also just shut up your inpolite mouth, work your spoiled a.. off and take your own earned millions and open up and run an airline, then at least you burn your own damn cash. And you will burn it, thats for granted!

      Delete
  26. Market surveillence inspectors started procedure against Adria, because they were selling tickets although they know they were not flying.

    Source: https://www.24ur.com/novice/gospodarstvo/nov-udarec-za-adrio-trzni-inspektorat-oglobil-druzbo-zaradi-zavajanja-potrosnikov.html

    ReplyDelete
  27. Add your comments about 4K invest on google, they should feel the anger.

    ReplyDelete
  28. When 4K was first announced as the new owners of Adria (you can check my comments from back than since I don’t use anonymous nickname) I stated it wouldn’t end well for Adria but I really didn’t think they were going to stuff it up this bad. I thought they got an airline debt free for 100k, would cut back as much as they could to make it look appealing to a different buyer and than sell it or IPO the company an year later, make a huge profit and leave someone else to hold the bag.... this is what these type of companies usually do in the west but they really seem to have absolutely no idea on what they are doing.

    These guys see to be the same type of people who would run a pyramid or Ponzi scheme.

    ReplyDelete
    Replies
    1. And they are obviously very good at it, unfortunately. I mean, whole scheme of hiding owner companies, internal transaction between their companies, 90mil of debts, still having AOC...we can only speculate what was the amount that was taken from Adria, ie. from suppliers, lessors, passengers, etc.

      Its a movie material, they came, they took a whole bunch of money and they will disappear, no consequences. And in 10 years somebody we will watch that movie and in half of it they will say: come on, nobody is THAT stupid.

      Delete

Post a Comment

EX-YU Aviation News does not tolerate insults, excessive swearing, racist, homophobic or any other chauvinist remarks or provocative posts with the intention of creating further arguments. A full list of comment guidelines can be found here. Thank you for your cooperation.