August 28 (SeeNews) - Croatia Airlines said on Tuesday it will shortly launch a tender for a financial advisor to aid the company in its search for a strategic partner.
"Croatia Airlines d.d. is preparing a tender call for the procurement of financial advisory services with the aim of developing an appropriate model that the company will use to recapitalise and find a strategic partner," the airline said in a short statement filed with the Zagreb bourse.
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In April, Croatia's government said it plans to seek a strategic partner for Croatia Airlines this year or next with the aim of ensuring the future development of the flag carrier.
The government said in its National Reform Programme adopted in April that Croatia Airlines can only move forward through "a good strategic partnership".
Croatia Airlines has been in financial turmoil for some time now, with its employees threatening to strike due to discontent.
On Monday, Croatia's Supreme Court upheld the verdict of the Zagreb County Court which declared illegal an industrial action scheduled by Croatia Airlines Workers’ Union (ORCA).
On August 9, Vlasta Feus, a judge at the Zagreb County Court, said the industrial action originally scheduled by ORCA to start at 6 am CET on August 8, is illegal.
Croatia Airlines earlier filed a complaint with the Zagreb court disputing the legality of the strike, which was meant to last until all 150 demands of the employees have been met. The demands include a wage hike, which Croatia Airlines argues would increase its salary costs by 30%, or by 53 million kuna ($8.3 million/7.1 million euro) per year - a financial burden which the company is unable to bear.
(1 euro=7.43919 kuna)