Former Adria managers slapped with €78 million lawsuit


The receiver of the bankrupt former Slovenian national carrier Adria Airways has filed a 78 million euros lawsuit against the former company's German managers and owners for the damage they caused to its creditors by financially draining the airline. The suit has been filed against former CEOs Arno Schuster and Holger Kowarsch, as well as other managers that led Adria after the German fund 4K Invest bought the carrier in 2016. Mr Schuster and Mr Kowarsch were also partners at 4K Invest. When Adria declared bankruptcy in October 2019, it owed tens of millions of euros to its suppliers, leasing companies, airports, airlines, employees and other creditors. The lawyers hired by official receiver, Janez Pustatičnik, studied the forensic audit of Adria and found that some managers had violated insolvency legislation. While knowing Adria was insolvent, they did not ask 4K Invest to supply it with fresh capital as promised nor declared bankruptcy. Instead, they addressed Adria's financial problems with "problematic bookkeeping tricks". For this reason, they are liable to pay the difference between the claims and the proceeds from the bankruptcy estate sold. However, analysts believe that the former German management have largely covered their tracks, making it unlikely that enough assets would be found and seized to pay Adria's creditors.


  1. Anonymous14:03

    "analysts believe that the former German management have largely covered their tracks" ....... ofcourse they did.

    What about the Govt who appointed these guys ? Where is the accountability and investigation around the due diligence undertaken to vette these guys as "fit and proper" custodians of this Slovenian asset ? They may not have covered their tracks like these German thieves, but they have more than likely covered their tracks politically - to ensure that this question gets buried and never investigated.

    These politicians are just as liable as the German thieves themselves.

    1. Anonymous21:01

      Not just Germans I would say... Slovenian as well...

  2. Anonymous14:14

    The drama continues, but good for them, sue them for every penny.

  3. Has a "due diligence" process been completed before involving 4K Invest?

  4. Anonymous17:31

    Are they in Europol? I think they can be considered as criminals. This is pure robbery!

  5. Anonymous19:32

    Aah those “smart” germans

  6. Anonymous23:12

    They were financially ruined like the majority of all the airlines in the world. This is a difficult industry and it’s not that criminals are getting money by squeezing airlines - there are so manyeasier ways to do it. Adria wassold for EUR 1, and there are good reasons for that. Can’t remember that the government chased previous “successful” managers of the firm.


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