February 26 (SeeNews) - Montenegro government said on Friday it has decided to increase the capital of ToMontenegro, the successor to troubled flag carrier Montenegro Airlines, by 15 million euro ($18.2 million).
The carrier's total capital now amounts to 19 million euro, the government said in a statement.
The government established the new national air carrier in January to replace Montenegro Airlines, which will be liquidated. The liquidation procedure would cost about 50 million euro but it is inevitable, as the country's competition authority has ruled that the law for public investment in the flag carrier adopted in 2019 was illegal, the government said in December.
Montenegro Airlines was founded in 1994 and made its maiden flight in 1997.
($ = 0.8246 euro)