NEWS FLASH
Efforts to settle 78 million euros in damages against former Adria Airways executives through mediation have failed, prompting the start of formal court proceedings at the Kranj District Court in Slovenia. The case, brought by Adria’s bankruptcy administrator Janez Pustatičnik, targets former CEOs Arno Schuster and Holger Kowarsch, who led the airline prior to its collapse in 2019 under the ownership of German investment fund 4K Invest. Mediation was initiated in late 2023 but ended without resolution. At the opening hearing, new evidence was submitted to dispute claims by the defence that the company’s insolvency only occurred in September 2019. They argued that the company had been insolvent far earlier under 4K Invest and presented documents to refute suggestions of a near-finalised partnership with Russian aircraft manufacturer Sukhoi. On the other hand, the defence questioned the administrator's handling of lease-related claims, alleging overly favourable treatment of lessors, and requested access to full bankruptcy records.
The next hearing is scheduled for July 2, with both parties expected to testify. Adria Airways was sold to 4K Invest in 2016 but declared bankruptcy in October 2019, burdened with tens of millions in unpaid debts. While the bankruptcy administrator acknowledged 88 million euros in claims, the estate yielded only ten million euros. To date, 5.5 million has been distributed to creditors, 1.4 million remains in the account, and three million euros have covered bankruptcy-related costs.
Do these guys actually have 78 million euros to their names? Or we just making some lawyers richer at our expense?
ReplyDeleteand three million euros have covered bankruptcy-related costs. - this is crazy, scam on top of the previous scam
DeleteReally? Do you have any proof? Total administration costs of bankruptcy proceedings for Estonian Air was 8.581.222,40 EUR, smaller airline with similar amount of accumulated loss.
DeleteBankruptcy procedures are expensive everywhere. That's a fact. The procedures take a long time and involve many different experts, not just the bankruptcy trustee and his/her team, e.g. in the case of Adria, also forensic business analyses.
DeleteI forgot the Sukhoi 'deal'. The embarrassing demise of Slovenian aviation continues to be played out.
ReplyDeleteIs it known where Arno Schuster and Holger Kowarsch are nowdays?
ReplyDeleteI read that Arno is running a company somewhere in South America, but for Holger it is unknown.
DeleteThese two criminals need holding to account for their wrongdoing.
ReplyDeleteI doubt it will ever happen. Ufn 😏
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