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Adria Airways gets a grace period of one week

The Slovenian authorities demand a coherent restructuring plan from Adria Airways by October, 2. If this doesn't happen, the carrier will lose its licence.

Adria Airways

Flight attendant of von Adria Airways.

Adria Airways received a clear rejection from the government. Slovenian Economics Minister Zdravko Počivalšek stated that the stat would not invest a single euro in the national airline under the current owners.

Slovenian media previously reported that the management and owner 4K Invest of Adria Airways had demanded a bridging loan of 4 million euros from the government. «It is unacceptable for the owner to set short deadlines for a response from the state,» says Počivalšek according to news agency STA. On the other hand, they have not submitted a business plan in four months as a basis for possible help from the state.

State won’t and can’t help

However, Slovenia cannot help either, as Adria Airways had already received 70 million euros from the state treasury and creditor banks in 2011. And according to EU regulations, this is only permitted once every ten years. Management must therefore raise private funds so that the airline has a future. So far this has not been achieved.

But Adria Airways is not dead yet. The Slovenian aviation authority Javna agencija za civilno letalstvo Republike Slovenije announced on Wednesday afternoon (25 September) that it had granted the airline a grace period of one week. Until then, the management must present an externally audited restructuring plan, as agency Director Rok Marolt told the press.

Immediate licence withdrawal

It must also provide proof of valid leasing contracts. If this is not successful, it will be over. Then Adria Airways will be immediately deprived of its operating licence without any hearing, according to Marolt.

Adria Airways’ problems grew bigger last Friday when a leasing company repossessed two Bombardier CRJ 900s because the airline was no longer paying its bills. On Tuesday and Wednesday, it therefore suspended its operations with the exception of one flight. On Thursday, Adria Airways could take off again – with ten aircraft, according to the Slovenian authorities.

What happens on Thursday?

Whether Adria Airways will really take off again on Thursday, however, is still unclear. The airline has not yet made a statement.

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