Adria Airways gets new part-owner
Adria Airways has been absorbed by the Maltese-registered company STBE through a merger and acquisition. The move increases the airline's share capital and changes its ownership structure. As a result of the merger, Adria's share capital has increased by 1.5 million euros to 3.28 million and its majority ownership (54.3%) has been passed onto Stefan Beulertz, who was until now the sole owner of STBE. The Maltese company, closely linked to Adria's owner 4K Invest, purchased the Slovenian carrier's brand name in 2017 for just over eight million euros. Up until now, Adria was solely owned by AA International Holding, which is a wholly-owned subsidiary of the 4K turnaround fund. AA International will continue to hold a share of 45.7% in Adria. It is hoped the merger and acquisition will help boost the airline's finances, with the company expected to post a loss of up to fifteen million euros for 2018.
Adria Airways said its strategy and day-to-day operations would remain unchanged under the new ownership structure. "The merger by acquisition on behalf of STBE is one of the measures to improve the company's financial strength and performance", the carrier said in a statement. Struggling with liquidity issues, Adria was supplied with a four million euro cash injection by 4K Invest late last year. A further ten million euro capital hike has been promised for the first quarter of this year and the abovementioned merger is believed to be a part of this operation. Adria was recently scrutinised by Slovenia's Civil Aviation Agency for insolvency. However, last month the regulator noted the airline was able to secure long-term liquidity.
Meanwhile, as EX-YU Aviation News learns, Adria Airways has also registered its own maintenance, repair and overhaul business. Named Adria Airways Super MRO aircraft maintenance, the company was registered in late December of last year with starting capital of 7.500 euros. The company is a wholly owned subsidiary of the Slovenian carrier. It is believed the establishment of the new MRO business is linked to the Memorandum of Understanding signed between Adria and Russian plane manufacturer Sukhoi Civil Aircraft Company in November of last year, which outlines for the set up of a SSJ100 aircraft Maintenance and Repair Organisation in Ljubljana. Adria's former MRO business, Adria Tehnika, was sold to Poland's Linetech Holding in 2015 for two million euros. Adria is expected to firm up an order for fifteen SSJ100 aircraft later this month or in earlt March with first deliveries expected in April. The airline recently advertised job openings for SSJ type-rated pilots.
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