Adria recapitalisation deadline approaches
Adria Airways has said it will put a greater focus on reliability and maintaining business stability this coming summer season following a challenging 2018. The carrier noted that after successfully optimising its network this winter season, which resulted in the suspension of a number of routes, it has achieved "greater operational stability", adding, "This trend will continue into the summer season, with the focus being on reliability and punctuality of our operations". Last summer, Adria faced a significant number of disruptions to its schedule due to a lack of aircraft and crew. According to the Slovenian National Statistical Office, the airline started the year off on a softer note, handling some 69.300 passengers during the first month of the year, down by 4% compared to 2018. This was primarily the result of it operating fewer flights.
Adria Airways' CEO, Holger Kowarsch, said, "The responsibility before the new season is big. The very challenging conditions in the aviation industry are unlikely to diminish, and we must not allow for a repeat of last summer. We continue to invest all of our efforts into greater operational excellence, reliability and maintaining business stability. Our passengers will have a more flexible and comfortable travel experience with further improvements to our product on existing routes, and thus increasing the value for our passengers", The Slovenian carrier's part-owner, 4K Invest, previously vowed it would recapitalise the company with ten million euros during the first quarter of this year, although it is yet to do so with several days to go until the end of March.
Earlier this year the Civil Aviation Agency of Slovenia 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. 4K Invest injected four million euros into the company late last year. 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. Mr Kowarsch recently noted, "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 added it was "positive about the future".
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