Večer: German Owners Have Broken Adria Airways

By , 21 Sep 2019, 12:24 PM Business
Večer: German Owners Have Broken Adria Airways Wikimedia - Kambui CC-by-2.0

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STA, 21 September 2019 – The newspaper Večer accuses Adria Airway's German owners, 4K Invest, of making good money out of the former Slovenian flag carrier, saying the German "vultures" have squeezed every cent out of the company since they bought it in 2016.

The Miro Cerar government sold flag carrier Adria Airways in January 2016 after the Alenka Bratušek government put it on a list of 15 companies to be privatised in 2013.

For the German financial fund, which has absolutely no experience in aviation industry, to buy it, the state had injected Adria with EUR 3 million in taxpayer money.

Then the "experienced" German rescuers of troubled companies, skilled in creative accounting, squeezed from Adria a few million euros, and nobody knows where they have ended up.

In the same way, it took over Switzerland's Darwin Airline only to send it into receivership six months later, a case the Swiss law enforcement is still investigating.

But eventually the inevitable happened: passenger numbers started to fall, bank accounts have been blocked and part of its fleet grounded.

The last attempt by the German financial magicians to get a capital injection from the Slovenian state to keep Adria alive has fallen through, which is good news.

"If Adria's vital routes had to be temporarily kept alive, the German vultures should not be part of this story anymore," Večer says in the commentary Aviation Vultures.

Both pilots and Slovenian aviation experts have been warning the Adria owners do not know what they are doing, and it seems they are right.

4K Invest's business record shows the fund has sent into receivership at least four companies under the guise of restructuring. And when the rescuers left, several thousand workers have been left jobless.

"Adria is now in a similar position, a shell with negative capital, without assets and with an unmanageable debt," Večer says on Saturday.

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