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Slovenia to auction Adria Airways assets on Jan 23

Author Iskra Pavlova
Slovenia to auction Adria Airways assets on Jan 23 Author: Adrian Pingstone. License: Public domain.

LJUBLJANA (Slovenia), January 14 (SeeNews) - Slovenia will hold on January 23 an auction for the sale of property and property rights belonging to collapsed flag carrier Adria Airways, the company's bankruptcy trustee, Janez Pustaticnik, said.

The assets put up for sale include all permits for performing air transportation services, Pustaticnik said in an auction invitation published last week.

The starting price is set at 45,000 euro ($50,000), with a 500 euro increment, the statement said.

In November, Pustaticnik said he has received five non-binding bids from domestic and foreign private investors for the Adria Airways property and property rights.

Also in November, local media reported that Elektroncek, a company owned by Slovenian businessman Joc Pececnik, has submitted a bid for all of Adria's assets on sale together with a foreign partner. The reports also said that Slovenian businessmen Izet Rastoder and Ivo Boscarol have submitted bids.

Bankruptcy proceedings opened against Adria Airways on October 2 after in late September the troubled air carrier suspended flights over lack of funds to run its daily operations.

Adria Airways is controlled by German-owned fund 4K Invest via its wholly-owned subsidiary AA International Aviation Holding GmbH. It bought the airline in 2016 from Slovenian sovereign holding company SDH, which is coordinating the privatisation process in the country. Since then, the airline has sold all of its planes and leased them back to service its operations.

According to Adria Airway's 2018 financial report, the carrier's fleet comprised 19 airplanes, all of them operated under lease.

($=0.89912 euro)