Government cash injection approved for Adria Airways

Victoria
By Victoria September 30, 2011 06:54

Government cash injection approved for Adria Airways

A cash injection of €45.5 million ($68.4 million) and a debt-to-equity conversion of €19.7 million was approved by shareholders of Slovenia carrier Adria Airways at a meeting held on September 21. Capital investment will be performed by Republic of Slovenia in the amount of €49.5million and by the shareholder PDP in the amount of €500,000, the debt to equity conversion will be performed by the following banks: NLB will provide €13.836.035; UniCredit €1.248.948, Hypo Alpe-Adria-Bank €1.281.000 and Abanka Vipa €3.355.000. All the bulk shares, which will be issued by the Company, have to be paid until 30.09.2011, the company said in a statement. A special auditor has also been appointed to review the airline’s business over the last five years.

Victoria
By Victoria September 30, 2011 06:54
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