ADRIA AIRWAYS IN DEBT RESTRUCTURING PROGRAM

Dino D'Amore
By Dino D'Amore December 16, 2010 21:36

ADRIA AIRWAYS IN DEBT RESTRUCTURING PROGRAM

Heavily indebted Slovenian flag carrier Adria Airways is preparing a debt restructuring program that should enable it to find a strategic investor.

“Adria will draft shortly a restructuring programme and will try to reach an agreement with creditors by the end of the year,” says Maks Tajnikar, head of Adria’s board of directors.

He also confirmed that management was working on Adria’s consolidation “so that it will be fit for a strategic investor”.

Adria Airways, a state-owned company, has $115 million in financial liabilities and is about $39 million in debt with its suppliers. The company has a fleet of 13 aircraft. In 2007, it ordered three Bombardier regional CRJ series aircraft.

Earlier this month Aviation News reported that the government was considering Qatar Airlines, Lufthansa and Turkish Airlines as possible investors in Adria.

Dino D'Amore
By Dino D'Amore December 16, 2010 21:36
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