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.

---

---