No buyers for Adria brand name
NEWS FLASH
The sale of Adria Airways’ brand name has failed with no buyers submitting an offer by the set deadline of July 6. According to Adria Airways’ bankruptcy administrator Janez Pustatičnik, one party made a deposit to take part in the tender but failed to make a final bid on time. Mr Pustatičnik has now proposed for the asking price to be reduced from the initial 100.000 euros to 50.000 euros, citing unfavourable market conditions due to the ongoing coronavirus pandemic. Adria Airways’ former owner, 4K Invest, sold the Adria brand name to an affiliated company from Malta in 2016 for eight million euros in an attempt to present a profit in the airline’s financial books. Adria later acquired back the rights to its brand name after it absorbed the Maltese company in early 2019. The bankruptcy administrator put the brand name on sale in late April 2020.
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