You have 10 free articles left this month. Get your freeBasic subscription now and gain instant access to more.

Adria Airways in strategic partnership talks with US company - report

Author Iskra Pavlova
Adria Airways in strategic partnership talks with US company - report Source: Linetech Holding

LJUBLJANA (Slovenia), July 17 (SeeNews) - Slovenian air carrier Adria Airways has been in strategic partnership talks with an unnamed US company, local media reported.

The interested investor is currently reviewing the airline's business and is expected to announce its decision within a month, EX-YU Aviation News website reported on Tuesday, quoting information from the Slovenian company.

In June, Adria Airways' CEO Holger Kowarsch told a news conference that the company is in active search for a strategic partner with the owner, German-owned fund 4K Invest, planning to sell part or all of its holdings in Adria. Kowarsch aslo said more details on the potential partner will be revealed in July.

He also noted that earlier talks on the matter with Russia's Sukhoi had been cancelled after both sides signed contracts but the Russian company failed to take any further action.

4K Invest controls Adria Airways via its wholly-owned subsidiary AA International Aviation Holding GmbH after purchasing the airline in 2016 from Slovenian sovereign holding company SDH, which is coordinating the privatisation process in the country.

News provider reported last month, quoting unnamed sources, that the numerous flight delays and cancellations at Adria are due to technical problems with its fleet and insufficient cabin crew.

In addition, the company has also been in financial and liquidity troubles, plunging into a loss of a double digit million figure, according to media reports.

Adria has not yet published its financial statement for 2018.