Adria bankruptcy to be concluded by 2024

NEWS FLASH


The bankruptcy procedure of Slovenia’s former national carrier, Adria Airways, will be concluded within the next three years according to its administrator, Janez Pustati─Źnik. Adria Airways’ creditors have reported 151 million euros in claims against the company. However, Mr Pustati─Źnik, has approved only 87.7 million euros in claims. Among them, the largest claim at 6.6 million euros has been made by Lufthansa and Austrian Airlines. Jet owner AeroCentury has four million euros in claims, while the Rolls Royce Corporation has 2.2 million. Former Adria Airways employees are demanding a total of 15.5 million euros in unpaid wages, to be split among 550 employees. Adria Airways’ former CEO, Holger Kowarsch, who is under investigation for his role in the collapse of the former national carrier, has 67.600 euros in claims, while the carrier’s former Managing Director, Sven Kukemelk, is claiming 47.700 euros. Other claimants include Bank of America Merrill Lynch, EIC Aircraft Leasing, Sasof III Aviation Ireland, 8900973 Canada, Fraport Slovenija and Intesa Sanpaolo Bank. The administrator is hoping to raise the funds through the sale of Adria Airways’ remaining assets. So far, it has successfully sold Adria’s Air Operator’s Certificate, flight school, brand name, website and social media channels. The funds will be used next month to start repaying wages and severance to former employees, which the administrator has valued at 800.000 euros.

Comments

  1. Anonymous11:03

    The never ending saga.

    ReplyDelete
  2. Anonymous09:14

    TradeAir has bought the uniforms of Adria. It isn't mentioned in this article.

    ReplyDelete
  3. Anonymous12:59

    Does anyone knows what would happen to JP/ADR codes and especially with Adria brand. I feel it really is a good brand for the Balkans. Adria Airways is one of rare brands which is appropriate for all regional flying, with close to none political connotations.

    ReplyDelete
  4. Any idea how much he has raised from prior asset sales? It looks like he has EUR 4M cash as of most recent report?

    ReplyDelete

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