New Adria owner drafts relaunch plans


The new owner of Adria Airways’ permits and licenses, businessman Izet Rastoder, is exploring opportunities to relaunch the carrier, possibly under a new name, and has held talks with potential business partners. Mr Rastoder met with investors in Dubai last week, while a group of businessmen from Russia and the United Arab Emirates, who previously outlined plans to relaunch Slovenia’s flag carrier, have said they are in contact with Mr Rastoder. They have suggested the new airline could operate a three-member fleet, comprising of two Sukhoi Superjet 100s and one Airbus A320-family jet. As previously reported, Mr Rastoder has also held talks with the Slovenian government over their support for a new carrier, however, since then, the Slovenian Prime Minister, Marjan Šarec, resigned, opening the way for either a new government or snap elections.

Izet Rastroder has been tight-lipped on his plans for the new airline so far. As the largest banana trader in the region, his Rastoder Group sells bananas and other exotic fruits under the Derby brand around the world. The naturalised Slovenian, born in Montenegro, rarely gives interviews, and hardly ever answers questions. The Rastoder company was set up in May 1992, with its initial business being the import and export of coffee in the former Yugoslavia. Over the years, its activities have been expanded to the export and import of fresh fruit and vegetables, growing into a highly competitive company on the global market. In 2013, the Group opened a large logistics centre in Ljubljana. Mr Rastoder has since diversified his business and moved into real estate, while his company established Air Adriatic last year, which eventually acquired Adria Airways’ permits and licenses.

Adria’s remaining assets, which are yet to be put on sale, are estimated to be worth 6.23 million euros, of which 3.15 million are for the title to its office building at Ljubljana Airport. The official receiver, Janez Pustatičnik, believes that due to the complexity of the bankruptcy procedure, it is unlikely to be completed before 2024. The bankrupt airline’s remaining assets include its brand name, valued at 100.000 euros, a flight simulator estimated to be worth 93.000 euros, and Adria’s 100% stake in its flight school, priced at 133.500 euros. Until they are sold, Mr Rastoder has the right to lease all of the remaining assets. The bankrupt carrier also has 543.000 euros on its bank account, which will be used to pay a creditor, whose claims are currently subject to litigation. Presently, it is unknown how much Adria owes its creditors, with the list to be finalised on March 2. Mr Pustatičnik believes the process will take four years due to litigations, numerous recoveries and other procedures expected to be launched in Slovenia and abroad.




Comments

  1. Sukhois just wont go away, I see.. :)

    ReplyDelete
    Replies
    1. Well it's the perfect opportunity for Sukhoi to give a European airline their aircraft and then try and promote them in hope that some established airline might buy them. It's now or never :D

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    2. Yeah..it's more like "never" than "now".. :)

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    3. They already had their chance ("Cityjet"). It didn't worked out.

      With kind regards Mihael

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    4. CityJet was terrible choice- big mistake of Russians

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  2. New the Russians would be involved somehow.

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  3. The only thing I agree with is that the fleet should not be over 3.

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    Replies
    1. Even 3 is too much to begin with.

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    2. 3 aircraft and 2 types. That's going to be REALLY profitable.

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    3. Well it seems more logical to have 3 planes. Better than the government's plan of 5 planes
      https://www.exyuaviation.com/2019/11/slovenia-devises-business-plan-for-new.html

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  4. Good luck, still sad to see JP bankrupt!

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  5. I'm going to take the unpopular approach around here and say I think a small airline could work. Several destinations, which could work in my opinion are still not covered, and a new airline could fly a lot of charters.

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    Replies
    1. And which destinations could work that have not been covered?

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    2. Skopje, Sofija, Copenhagen, Tel-Aviv, Brussels for state employees, maybe Dubai.

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    3. What charters? Palma, Relax and Kompas charted a Trade air jet for the whole summer. Charters are covered. I belive SKP is the only one missing, but even this would be at least planned by somebody if it would be feasible.. Nobody misses PRN, TIA,..

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    4. They are maybe covered for this summer. If an airline is being launched it will probably start by late summer anyway. But there is still winter and next year for charters.

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    5. It's always some time for charters.. and look, they are covered even without that blackhole of a company..

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    6. Intelekta covered greek island charters with Aegean from LJU this summer...

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    7. So what are you people saying? Not a single route can be profitable from Ljubljana?

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    8. It can be, but you'd probably need an ATR72 with a very lean back office.

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    9. It can be. But not for some small startup flying some random aircrafts..

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    10. not only aegean, i saw charters from LJU to Chios to be operated by OU

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    11. And who told you that noone is missing PRN? Slovenia has more business with Kosovo than Macedonia (IPKO, NLB, Petrol, MORS,...).

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    12. Despite the business links there is not much demand for travel. In 2019 only 2% of passengers at PRN airport traveled point to point to or from Ljubljana.

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    13. I wonder how much P2P was on Adria's flights on their Balkan flights. I bet not more than 20%.

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    14. Anon 15:25 and 15:55

      It's really a shame to publish inaccurate data. On Balkan routes JP had between 40 and 50% share of P2P pax. With so many direct flights between Balkan cities and Europe (JP had PRN/TIA - FRA/MUC) you can not expect to get 95% conx traffic with one stop.

      at 11:57 I already explained some of the business in Kosovo, there is also huge Kosovo community in Slovenia without any serious competition near by.

      I have noticed that there are always few commenters sharing fake data and I am really interested what is purpose of this. I do not want to accuse anyone but this is not helping anyone (except to ex-JP competitors who has much better figures now due to JP bankruptcy).

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    15. I don't know where your 40-50% data is coming from. If Skobir himself noted that the transfer percentage on PRN/TIA was 90 or 95%. Please provide some source. Because otherwise your statement is also null and void, as you accuse others.

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    16. I believe that we already had that discussion regarding what Fraport said and I can not find anything regarding 90% conx pax. It's really easy to prove how uneducated you are when airline business is concerned.

      Lets take 5 ex-JP Balkan routes (PRN, SKP, TIA, SJJ and TGD) which were mainly operated with CR7 (70 seats). With assumption that each flight had 70% LF you would carry 44 conx passengers. That's 220 passengers in one direction. This would already fulfill your EU flights and then you also have to sell P2P, longhaul and shorthaul flights. If Skobir and Krasnja statements would make any sense than JP would need A380 for their European flights.

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    17. According to Pristina Airport only 2% of their total passengers traveled to/from Slovenia. Considering Adria had daily flights, it means most were connecting

      https://www.exyuaviation.com/2020/01/eurowings-easyjet-and-wizz-dominate-in.html

      In 2018 it was also 2%.

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    18. If PRN had 2,2 mio pax in 2019 then 2% would mean 45k pax per year. That means around 60 pax per flight on p2p basis in case we consider to have daily flight. So if we take in consideration that PRN was not always operated with CR7 but also with CR9 and sometime even 319, than this figure is much closer to 40-50% of P2P pax than 5% as Skobir and Krasnja would say.

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  6. Is the Adria brand really worth 100.000 euros???

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    Replies
    1. lol that's more than the AOC and other permits which were 45,000 EUR.

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    2. I'm surprised by that estimate too.

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    3. The brand is worthless now.

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    4. Wasn't the name brand sold to some 4K guy in Malta?

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    5. It was but then the company owned by the guy in Malta (which was really all owned by 4k invest) was absorbed by Adria (yes it was all fishy) so Adria returned ownership of its brand.

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    6. Rule of thumb:New airline-2 a/c=8M euro needed!Everything else is "mutljavina"

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  7. I think the Slovenian government shall protect the Adria brand and hold it for themselves until a locally based airline gets a good proof of revenue and overall good business practice.

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    Replies
    1. I wouldn't be so sure. The government has done little to protect Adria in the last few years. It started off by selling the company to con artists called 4k invest.

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    2. Amsterdam, Vienna, Stockholm, Barcelona...

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    3. You really don't need 3 planes for that. Also I question the profitability of some of those.

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    4. Stockholm and Barcelona didn't work even for Adria which had a lot of transfer passengers. Don't see how it would work on a point to point basis.

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    5. I wrote the comment at 9.14 and I meant to post it in the above thread but I see people got the idea anyway :)

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    6. @ Anonymous 5 February 2020 at 09:21
      Nothing worked for Adria. That's why they are bankrupt.

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    7. Anon 09:21

      you are so wrong here! Schedule flights were quite succesfull under the circumstances which JP focused in last 2 years.

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    8. So why were ARN and BCN cancelled if they were so profitable?

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    9. I was not talking about ARN and BCN, this was a complete disaster. FRA, MUC, ZRH, BRU were profitable.

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  8. Televisa presenta

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  9. Meanwhile last week police stormed one of Rastoder's storage units over suspicion one of the banana crates had drugs in them.

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    Replies
    1. What happened?

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    2. Nothing. They didn't find anything. And the company said they called the police though the police had a different account.

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  10. Izet saves the day.

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  11. It's odd that not a single other Slovenian airline that already has a Slovenian AOC and some sort of operations has not tried to establish scheduled flights from LJU. Amelia Airlines being one of them.

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    Replies
    1. Aren't they going to fly some route in France?

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    2. Because they know it's extremely difficult making profit from LJU if you don't have connecting flights like LH group has.

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    3. @9.23 yes, they are owned by the French group Regourd Aviation who have contracts with Air France. Amelia used to be Aero4m.

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  12. This will either
    A) Never get off the ground
    B) Start and end up in tears after a few months

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    Replies
    1. If Flybosnia can make it (regardless of the mess they are in) then I think anyone can.

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    2. FlyBosnia has very very rich backers.

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    3. Who were prepared to have 2 member fleet with 1 plane sitting on the ground for months doing nothing.

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  13. I would like to see LJU-DXB and genuinely think it could work. Maybe that's why 1 A320 has been proposed for the fleet.

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    Replies
    1. But if it can work so well, why hasn't Flydubai started flights?

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    2. The issue with Dubai is that the majority of Slovenians flying to the Gulf are actually transferring to other points. So Air Banana would have a hard time making DXB work.

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    3. 3300 tickets sold in Slovenia to DXB in 2019. Not enough even for a weekly flight, yet alone anything more.

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    4. Forget about DXB. You are competing with EK in VCE, ZAG and VIE with connecting flights all over the world, better brand and top service.

      The new JP would probably offer similar service as LCCs do, and probably at EK prices.

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    5. I suppose that they will go for prfitable routes like BRU, FRA, MUC, ZRH. I don't see a reason why governmnet would finance any other routes.

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    6. ^ But those are already served by LH, SN, LX... It will be difficult to compete.

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    7. I am quite sure that LH group would stop operating after new airline would come in. Flights from LJU to EU cities are only feeders and with current schedule they can not properly feed their longhaul/shorthaul flights as they arrive to late. With JP bankruptcy they have only increased their cost and this is not in favour for them.
      There was also a rumour that LH will secure morning and evening slot on FRA (LH will use ex-JP slots in S20).

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  14. I don't know what's more ludicrous. Our government considering throwing money at this or our government considering giving subsidies to Lufthansa satellites to fly routes already flown from Ljubljana.

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    Replies
    1. Exactly. Market is taking good care of itself. New airlines launching flights, existing routes getting more frequencies. Really no need for any of this.

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    2. Is there any data on how Adria impacted Ljubljana/Slovenia. Any information on tourist numbers since October? Events being cancelled? Less business travel?

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    3. I sure hope you're not talking about LJU. By "taking good care of itself" you probably meant we have less flights than before (when LJU was already poorly connected)?

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    4. Did you fall from the Moon? What do you mean that market is taking good care of itself? Connectivity can not be worse, that's why most of passengers is taking flights from ZAG, VCE, TRS, KLU,..

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    5. I agree with last anon. I don't think people realise how poorly connected Ljubljana is. Look at the departures board. Barely a flight before midday. A few seasonal flights to Kiev and Madrid aren't going to help much.

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    6. Well, it's understandable that people don't understand. They fly one or twice per year and for them LJU's connectivity is superb. For those of us travelling on weekly basis, it's shaite.

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  15. People might be underestimating this Izet guy. Remember, he is interested in purchasing Montenegro Airlines too.

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    Replies
    1. Agree. Remember he did create the largest fruit business in the region. He obviously knows a thing or two about doing business.

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    2. Well let's see. If he is so smart he will realize that creating this airline is a lost cause and will give up on the idea.

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    3. Airline business is extremely specific. It's very easy to lose millions in couple of weeks when wrong decisions are made. The costs are enormous, and easily become uncontrolled, and profit margins are extremely low, unless you operate on scales of at least 50-100 aircraft.

      Comparing fruit business to airlines is like bananas and oranges :)

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  16. Small Embraer jets would have made more sense for this start up.

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  17. Well he can always buy a small cargo plane to transport bananas.

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  18. If he gets Sukhois we will know he was buying this business as a cover for Russians all along.

    ReplyDelete
    Replies
    1. He bought it for the Russians because they obviously did not get Eu partner in time ....

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  19. Now there will be a banana painted on the planes instead of Adria's logo. Everything is possible here because our small country is ruled by people who do not care about Slovenia

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    Replies
    1. Adria was being built for 60 and our corrupt government sold it out, of course some people will make a nice living for the rest of their days because they knowingly signed the death sentence at the time. Of course, no one will ne held accountable. What is left over will be sold for change. First in line is a banana merchant who can barely speak or write.

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    2. The government sold Adria because it was the only solution for it not to go bankrupt even before the sale. Everybody who ever opened Adria's financial report for last couple of years knew the end was near.

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    3. @Anonymous 5 February 2020 at 10:55:
      You are correct and I sure as hell know that pigs can fly.

      Adria was throughout its entire history used and abused by politicians. Kocijancic and other communist party members were stealing money left, right and centre. But yes, for the general public it was a poorly run company (which in reality it actually was, but on purpose).


      Delete
  20. Good thing someone bought this AOC for twice the value it was worth. All credit to the receiver for the courage to set such a high price.

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    Replies
    1. What are you talking about? The AOC which is a valuable asset was sold very cheaply.

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    2. The AOC also came with a lot of baggage that needs to be addressed.

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    3. 45,000 twice the value?? Are you kidding me ?!

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  21. "The naturalised Slovenian, born in Montenegro, rarely gives interviews, and hardly ever answers questions. "

    There is a reason for this. The man can barely speak.

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    Replies
    1. And he is more successful that any of us. You should learn something from it.

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    2. I prefer to be able to read, write and speak than to have millions...

      To each his own...

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    3. Here we go again:

      https://www.youtube.com/watch?v=Lt2JmDXuUjs

      skip to 22:45

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    4. my point is that his actions do the talking for him

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  22. They should maybe just concentrate on charters and wet leasing.

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    Replies
    1. and how will that help Slovenian economy? LJU needs home carrier to establish flights from LJU.

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  23. Unless this is a part of some larger picture (MGX acquisition) I don't see it working.

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  24. It is what it is. Alenka and the two governments before her sold everything that was worth something to foreigners. This is a fact that will go down in history.

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  25. Hope something good comes out of this.

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  26. "The naturalised Slovenian, born in Montenegro,.."

    A very important information... Goes to show a lot.

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    Replies
    1. I don't understand. What does it show?

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  27. I don't know why people are so negative. Give this airline a chance. A lot of unserved markets from Slovenia at the moment, which could work.

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    Replies
    1. People have no problem for the airline to try. People have a problem for the airline to be state sponsored, which seems highly likely.

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    2. Ah, Slovenes have problems with everything. Unfortunately, they're too smart for their own good.

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  28. Not Sukhois again...

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    Replies
    1. It seems after all that SSJ100's are not reserved for Air Serbia but for Slovenian air carrier

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  29. Treba svakome dati sansu , kad je uspeo u jednom biznisu sto ne bih i u drugome, pogotovu ako da ljudima koji znaju da vode posao.
    Mislim da je dobra odluka i za njega i za Sukhoi tako reci win-win situacija i da ih moze dobiti po dobrim uslovima, mislim da je ovo jos bolje za Aerodrom LJU. Samo ne znam jel bi idalje ostalo clanstvo u Star Alliance. Za pocetak bi bilo sasvim dovoljno 2 SSJ100 lako je posle uvrstiti druge vece avione.
    Ali bitno da ovde pojedini znaju da pametuju drugima i da im se podmevaju.
    INN-NS

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  30. Best possible choice now is to get 3 SSJs and after that some of the brand new MC-21s.

    ReplyDelete
    Replies
    1. And some 50 years old Ilyushin or Yak :)

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    2. You mean some "new" MAX - no thanks! ;)

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  31. Bananaman steps in and saves a day

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  32. Izvinjavam se, al covijek nezna dal bi se smijao ili plakao ...

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