Air Moldova suspends all flights, files for expedited restructuring

The flight suspensions will be in effect up to three days after the court approves the airline’s restructuring procedure, Air Moldova said in a press release on Tuesday.

In the filing to the court Air Moldova is proposing an action plan aimed at avoiding bankruptcy, solving existing issues and attracting investments.

“Investors are ready to invest around $50 million in Air Moldova. These investments would help solve the company’s financial problems and replenish its fleet,” the airline said.

Investments cannot be implemented without an accelerated restructuring procedure due to Air Moldova’s current exposure to existing creditors. The expedited procedure would enable investments solely directed at the company’s development, so that in time, outstanding debts would be repaid.

In a press release following the flight cancellations, Moldova's Civil Aeronautic Authority (CAA) urged passengers to claim their rights and request refunds for unused tickets and offered its assistance.

Since November 2022, the CAA has constantly criticized Air Moldova for having major financial problems discovered during earlier investigations and demanded that the company develop a corrective action plan, the aviation authority said last month.

Air Moldova was established in 1993 and currently holds approximately half of the air passenger flow registered on the Moldovan market.