I was really surprised when I read the announcement today (Google translate version of story here
here .
As a person that flies to Estonian far too much I have a vested interest in things working out for them, but to he honest I was surprised that another airline would want anything to do with them. It's not easy to imagine a rosy future for them!
It does say that they are looking to become an actual airline, which I imagine is a good plan. Relying on an airline like Adria was quite risky...