Adria
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Joined: Jul 2005
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From: UK
Adria
Annual report: Nordica?s partnership with Adria Airways ended in a loan | Business | ERR
So Adria have been very close to insolvency... I can't imagine a new business like Nordica wouldn't have rather been given its money :-(
The thing that intrigues me... does this count as state aid under EU rules? It's effectively a loan from the Estonian Government.
So Adria have been very close to insolvency... I can't imagine a new business like Nordica wouldn't have rather been given its money :-(
For a year following the foundation of NAG as the successor of bankrupt Estonian Air, Adria Airways was the new state carrier’s most important partner, providing a booking system as well as operational services.
“One of the advantages of this cooperation model was the placement of advance payments and deposits in the partner’s accounts, covering their running costs and potential business risks,” Uibo said. “When the partnership ended in 2016, a part of Nordica’s liquid assets in Adria [Airways] was converted into a loan with an agreement of both sides.”
The result was a debt of Adria Airways to Nordica in the form of a cash debt converted into a loan in the amount of €4.556 million, listed in Nordica’s annual report under “Other receivables”.
“One of the advantages of this cooperation model was the placement of advance payments and deposits in the partner’s accounts, covering their running costs and potential business risks,” Uibo said. “When the partnership ended in 2016, a part of Nordica’s liquid assets in Adria [Airways] was converted into a loan with an agreement of both sides.”
The result was a debt of Adria Airways to Nordica in the form of a cash debt converted into a loan in the amount of €4.556 million, listed in Nordica’s annual report under “Other receivables”.
Joined: Jun 2011
Posts: 1,796
Likes: 8
From: Ainsdale
Flights have been suspended for today and tomorrow:
https://bnonews.com/index.php/2019/0...ck-of-funding/
https://bnonews.com/index.php/2019/0...ck-of-funding/
Joined: Feb 2007
Posts: 1,444
Likes: 2
From: UK
Adria have today announced that flight suspension will continue. With all flights with the exception of one evening flight to FRA cancelled tomorrow and Friday
https://www.adria.si/en/press-centre...f-its-flights/
The Slovenian government given the carrier until the 2nd of October to submit a viable restructuring plan. The carrier has been warned that there Air operator certificate will be revoked and bankruptcy proceeding will begin if they fail to submit a viable plan
https://www.exyuaviation.com/2019/09...rways.html?m=1
https://www.adria.si/en/press-centre...f-its-flights/
The Slovenian government given the carrier until the 2nd of October to submit a viable restructuring plan. The carrier has been warned that there Air operator certificate will be revoked and bankruptcy proceeding will begin if they fail to submit a viable plan
https://www.exyuaviation.com/2019/09...rways.html?m=1
Joined: Jun 2011
Posts: 1,796
Likes: 8
From: Ainsdale
Joined: Aug 2007
Posts: 96
Likes: 0
From: Newcastle upon Tyne
Last of the Yugoslavian trio that could be seen throughout the Uk in the 70’s and 80’s (Jat, Aviogenex and Adria)
Amazed they lasted so long given the fate of the other two - slow painful deaths.
remember the current livery being introduced over 30 years ago - is that a record for most years without a revamp? (obviously there was no money to pay for one!)
Amazed they lasted so long given the fate of the other two - slow painful deaths.
remember the current livery being introduced over 30 years ago - is that a record for most years without a revamp? (obviously there was no money to pay for one!)
Joined: Jun 2010
Posts: 1,133
Likes: 19
From: Newcastle
JAT were renamed Air Serbia (the 'J' in 'JAT' standing for 'Jugoslovenski' so it was no longer relevant - wish they'd given themselves a Serbian name though) and are still going strong as far as I can tell.
Joined: Aug 2007
Posts: 96
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From: Newcastle upon Tyne
and pronounced Yat (per flights with them!).
After limping on through the 90’s and 00’s a shadow of their former selves were bought out and arguably a totally different entity these days. But then I appreciate its the same argument as does Britannia or Air2000 exist today....
After limping on through the 90’s and 00’s a shadow of their former selves were bought out and arguably a totally different entity these days. But then I appreciate its the same argument as does Britannia or Air2000 exist today....
