March 23 (SeeNews) - Romanian low-cost carrier Blue Air entered insolvency after the Bucharest Tribunal said it approved the airline’s filing for insolvency on March 21.
The list of creditors includes companies such as the Romanian Air Traffic Services Administration (ROMATSA), air transport compensation facilitator Air Claim, Cluj International Airport, as well as numerous individuals, according to a document published on the Bucharest Tribunal’s website.
In a statement filed with the Bucharest Stock Exchange in early March, Air Claim said that it had requested the opening of insolvency proceedings against Blue Air, adding that it still had to recover 85,000 euro ($91,682) from the airline. A separate document published on the court’s website also included Cluj International Airport as a creditor. The court ordered the inclusion of this file in Blue Air’s current insolvency case.
The Bucharest Tribunal appointed local companies Infinexa Restructuring and Musat & Asociatii as a provisional judicial administrator at Blue Air. Creditors must file requests for claims on Blue Air’s assets by May 5, while the final table of claims must be compiled by June 16.
In September, Blue Air said it was suspending all flights from Romania for a week after the environment ministry blocked its account, but failed to resume flights thereafter. The company also said its total debt at the time amounted to 230 million euro, or half its annual revenues.
In December, the government took over 75% of Blue Air’s shares, the head of the Authority for State Assets Management (AAAS), Daniel Geanta, said at the time. The move came a month after the finance ministry said it planned to take over a majority stake in the air carrier after Blue Air failed to make payments on a 300.75 million lei ($65.9 million/61.1 million euro) loan guaranteed with 75% of the company’s stock.