Slovenia devises business plan for new flag carrier
The Slovenian state-owned Bank Assets Management Company (BAMC) has drafted a business plan for the country’s potential new national airline. Under the proposal, the carrier would reportedly operate a fleet of five Bombardier aircraft and count some 200 employees. Based on the Assets Management Company’s calculations, the airline is estimated to record a twenty million euro loss in its first year of operations. “BAMC, as a specialist in restructuring companies in difficulty, was called upon by the Ministry for Economic Development and Technology to examine Adria Airways' financial situation. We have done so and informed the ministry of our findings. We cannot comment further at this time”, the Assets Management Company said in a statement.
The government is expected to decide on whether to go ahead and form a new national carrier by the end of the month. BAMC’s calculations will play a crucial role in its decision. The Ministry for Economic Development and Technology noted it is yet to receive the BAMC’s findings. "Once the calculations are delivered to us, the ministry will examine them and make a final decision", it said. Minister Zdravko Počivalšek noted last week, “The key to our final decision will be our financial calculations, and if it all adds up, we will set up the company with a partner. Talks with a potential partner have come a long way. At this point, I cannot name them, but it is a regional airline. If we start up a new carrier, we will of course be counting on former Adria employees, which is why we need to make a decision on this matter as soon as possible”.
Adria Airways' receiver invited interested parties to bid for assets of the collapsed airline last month. The bankruptcy administrator is offering the entirety or part of Adria Airways for sale. Those taking part in the process must submit their offers no later than November 10, and bidders will be informed of the outcome within fifteen days of the deadline. Some of Adria’s assets include the brand, land property rights and the head office building, aircraft parts, select permits and two apartments. The airline had no aircraft in its ownership and leased its entire fleet. It is believed the government or the potential strategic partner the state has been in talks with could bid for the bankrupt airline in an attempt to resurrect the national carrier.
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