Croatia Airlines recapitalised
NEWS FLASH
The recapitalisation of Croatia Airlines has taken place, in line with announcements made last December, with the state injecting 39.2 million euros into its national carrier. The process took place last week, on February 6, through the distribution of 29.6 million new shares which have been acquired by the state. Croatia Airlines has not disclosed the purpose of the financial injection. It comes two years after the government previously recapitalised the company by acquiring 35 million shares for 46 million euros. Since then, the airline has also been the beneficiary of several financial injections, both through direct aid and equity loans. The carrier recently postponed the repayment of a 33.7-million-euro shareholders loan it received from the Croatian government in 2019. The loan, which received European Commission approval, was to be repaid in full last year at a 2% fixed default interest rate. However, the Croatian flag carrier requested for a deferral, which has been approved by the Croatian Ministry for Finance. The shareholders loan will now mature in January 2025 instead. The Croatian government is the company’s largest shareholder, with a 97.7% stake, while the remainder is mostly owned by state-owned or public companies such as the Croatian Postal Bank, oil transportation company JANAF and the former state operator of Zagreb Airport. Croatia Airlines is expected to publish its 2022 financial result towards the end of this month.
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