PODGORICA (Montenegro), January 4 (SeeNews) – Montenegro's government has established a new flag carrier which will have an initial capital of 30 million euro ($37 million) and will replace troubled Montenegro Airlines, finance minister Milojko Spajic said.
"In less than a month, the new government, by rationalising current non-domestic spending of 4 million euro, began the establishment of a new national airline - ToMontenegro DOO," Spajic said in his Twitter account last week.
The government has paid 4 million euro into the founding capital of the new flag carrier, a document posted on the Twitter account of Spajic showed.
"We had to react quickly to save the maximum from Montenegro Airlines but the name, logo, design, etc. are subject to change and we ask all people who have this story at heart to send suggestions," Spajic said.
The government said last week that it plans to liquidate Montenegro Airlines and establish a new flag carrier in no less than six to nine months. The liquidation procedure would cost about 50 million euro but it is inevitable, as the country's competition authority has ruled that the law for public investment in the flag carrier adopted in December 2019 was illegal.
Montenegro Airlines was founded in 1994 and made its maiden flight in 1997.
($ = 0.813314 euro)