State considers potential tie-up with new Adria owner
The Slovenian government will consider jointly investing funds in a new airline set up by Izet Rastoder, who purchased Adria Airways’ assets last week. Mr Rastoder, also known as the “Banana King” due to his banana trade business, acquired the remains of the country’s former national airline through his company Air Adriatic. According to the daily “Finance”, the businessman has already held talks with Nena Dokuzov from the Slovenian Ministry for Economic Development and Technology, while Minister Zdravko Počivalšek is mulling the state’s potential participation in the business under the condition that “Slovenia” be included in the airline’s name. The Montenegrin-born Rastoder is also believed to be interested in further investing in the airline industry by acquiring a share in Montenegro Airlines, which has been seeking a buyer for several years.
Mr Rastoder is required to pay 45.000 euros within the next month for Adria’s assets, consisting mostly of flight permits, including its Air Operator Certificate (AOC), in order to acquire the rights that come with the licences. The buyer will have to take certain measures for the permits to become valid again. Adria also has several other assets, including its brand name and office headquarters, which will be put up for sale at a later date. Mr Rastoder will be able to use all the benefits of Adria's memberships in various organisations and lease the remaining infrastructure of the former flag carrier. such as its name, building and equipment, until it is sold.
Adria Airways, which was acquired by the German financial fund 4K Invest in 2016, went into receivership last autumn after years of financial difficulties. Following its collapse, the government considered establishing a new national carrier in order to retain Slovenia's connectivity to the world, however, this option was ultimately dismissed as economically unviable. The Slovenian state-owned Bank Assets Management Company (BAMC) has since proposed for the government to subsidise flights from Ljubljana to key Lufthansa group hubs – Frankfurt, Munich, Zurich and Brussels - in order to increase existing frequencies. However, Minister Počivalšek has advocated for the foundation of a new national carrier in cooperation with a foreign partner since Adria’s demise last September.
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