On February 25, the airline Ten Airways, owned by businessman Ovidiu Tender, filed for insolvency at the Bucharest Tribunal under an emergency procedure. The court hearing is scheduled for March 5. Additionally, Ten Airways’ air operator certificate has been suspended since January 19, 2015, according to data from the Civil Aeronautical Authority.
The entry into insolvency of Ten Airways represents a decision made at the explicit request of the management, with the strategic objective of restructuring the company in favor of generating new commercial opportunities, according to a statement released Friday by the company.
The company is thus trying to protect its interests and partners to move to a more profitable stage for Ten Airways, the company’s statement continues.
In 2013, the airline achieved a turnover of 9.89 million euros, seven times more than in 2012, when the turnover was 1.35 million euros, according to data from the Ministry of Finance. Catalin Butu was appointed director in January 2013, and former employees say that year saw the most flying, aircraft were purchased, and salaries and per diems were paid on time.
In 2013, Ten Airways recorded a profit of approximately EUR 313,000, compared to the loss of EUR 175,000 recorded in 2012.
Source: Daily Business
Frequently Asked Questions
Why did Ten Airways file for insolvency?
The decision was made at the management’s request to facilitate strategic restructuring and create new commercial opportunities.
When was Ten Airways’ air operator certificate suspended?
The air operator certificate (AOC) has been suspended since January 19, 2015, according to the Civil Aeronautical Authority.
What were Ten Airways’ financial results before the filing?
In 2013, the company reported a turnover of 9.89 million euros and a profit of approximately 313,000 euros.