Slovenian airline Adria Airways has launched bankruptcy proceedings, a few days after being forced to suspend most of its operations due to a lack of liquidity.
All Adria flights have been cancelled following the initiation of bankruptcy proceedings.
Adria Airways is owned by the German investment fund 4K Invest. The fund acquired the company from the Slovenian state in 2016 for 100,000 EUR. The German fund previously injected 50 million EUR into the airline, but it continued to record losses.
According to the Slovenian press, Adria has accumulated debts of approximately 90 million EUR. In recent years, the company sold its entire fleet of aircraft and operated flights with leased planes.
Source: Profit
Frequently Asked Questions
Why did Adria Airways file for bankruptcy?
The airline filed for bankruptcy due to a severe lack of liquidity and total debts estimated at 90 million EUR.
What happens to passengers with Adria Airways tickets?
All of the carrier’s flights were cancelled immediately following the initiation of bankruptcy proceedings.
Who owns Adria Airways?
The company is owned by the German investment fund 4K Invest, which acquired it from the Slovenian state in 2016.