Controversial special purpose vehicle EA Partners has issued a $115 million notification of default with regard to two loans to Air Serbia, a carrier 49% owned by the Etihad, ultimate owners of the investment entity itself. Etihad Airways Partners was set-up in 2015 to support the growth of airlines which were part of the Abu Dhabi carrier’s group.  That year Air Serbia, which is majority owned (51%) by the Serbian state, took out a  $52.9 million loan maturing this September with an annual interest rate of 6.96%. Air Serbia then tapped EA Partners in 2016 for a further $63 million which matures

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