Slovenian regulator ends Adria audit
The Civil Aviation Agency of Slovenia has completed its audit of Adria Airways' business after obligating the carrier to submit proof of its liquidity. The regulator found that the Slovenian airline successfully proved its future financial stability, ending speculation that its Air Operator's Certificate (AOC) could be revoked. Adria's owner, 4K Invest, injected four million euros into the carrier late last year and promised a further ten million euros in funding during the first quarter of 2019. The agency launched an investigation into the airline's operations after it was determined that it met one of the conditions for declaring insolvency based on its 2017 financial report.
In a statement, the carrier said, "The Agency found that Adria Airways, with its implemented and planned business and financial measures, proved it is able to settle all of its obligations over a long period of time and that, in the long-run, is solvent based on all legal criteria. Furthermore, it fulfilled all necessary requirements set for holders of an operating license". It added, "At the same time, in several separate procedures, the Agency confirmed that Adria Airways meets all technical requirements which ensure appropriate aviation safety levels". The airline's CEO, Holger Kowarsch, said, "I did not expect for any other decision to be made by the Agency, as Adria Airways has always been in compliance with the requirements of the operating license holder".
Mr Kowarsch noted the airline would continue implementing its restructuring program. "I regret that there have been so many false and misleading reports in recent months about the company's business condition. However, at the same time, I am looking forward to continuing with the implementation of our strategic plan and building on the long-term development of the Slovenian airline. We will further adjust our network of flights, add frequencies and also keep all connections to major European hubs". The company recently said it was "positive about the future". "Sustainable growth remains Adria Airways’ long-term goal", it noted. "This year's winter season focuses more on the stability of operations in the segment of scheduled transport and the strengthening of relations with other airlines".
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