STA, 4 February 2020 - The bankruptcy estate of air carrier Adria Airways is worth EUR 6.23 million, of which EUR 3.15 million is the title to its office building at Ljubljana airport. Official receiver Janez Pustatičnik believes that due to its complexity, the receivership procedure is unlikely to be completed before the end of 2024.
The assets also include Adria's brand, the liquidation value of which is EUR 100,000, a flight simulator (EUR 93,000) and Adria's 100% stake in its flight school (EUR 133,500), according to an opening report Pustatičnik published on the website of the AJPES agency for legal records on Tuesday.
Among its assets are also the operating licences, foremost the air operator's certificate (AOC), but have already been sold; last month they were bought by Air Adriatic, a company owned by Slovenian entrepreneur Izet Rastoder, for EUR 45,000.
Inventories are estimated at over EUR 1 million, but since they have not yet been fully documented, their estimated value could still change.
The bankruptcy estate also features operating receivables to the tune of EUR 1.44 million, which have however already been recovered.
Pustatičnik assesses the receivership procedure as very complex and demanding, so it could be completed only at the end of 2024.
He sees litigations, numerous recoveries and other procedures expected to be launched in Slovenia and abroad as the main hurdle to bringing it to a close earlier.
Adria also has EUR 543,000 on a bank account, but it is kept there to pay a creditor, an issue currently subject to litigation, so it is not included into the bankruptcy estate.
It is not yet know how much exactly Adria owns creditors, since the deadline to report them has been extended until 2 March.
The opening report was also published today by Blaž Poljanšek, the official receiver of company Adria Airways Flight School, which puts the assets of the flight school at EUR 172,000.
The biggest assets are four sport planes, estimated at a total of EUR 109,000.
The flight school, which is eyed by the Pipistrel ultra-light plane manufacturer, also has a licence for training professional and sport pilots.
Creditors of Adria Airways Flight School have reported EUR 448,000 in claims, with Adria Airways being the biggest creditor with some EUR 111,000 in claims.
The state sold Slovenia's flag carrier Adria Airways to Germany's turnaround fund 4K Invest in 2016 for EUR 100,000 after recapitalising it with EUR 3.1 million.
The new owner was unable to give it a fresh impetus, so Adria was grounded last September after almost 60 years since establishment and filed for receivership.