Adria negotiates “urgently needed liquidity”

Adria Airways reports that talks going on since between the airline’s management, banks, owners and business partners have been successfully concluded, resulting in sources of urgently needed liquidity being made available which will enable Adria to continue operating.

The funds represent the basis for a serious and fundamental restructuring of the company, the cash injection coming from Adria Airways selling ordinary shares in Adria Airways Tehnika to the PDP. A similar agreement is expected with Aerodrom Ljubljana.

The new management is convinced that the successful negotiations to acquire a cash injection and other activities going on will form a basis for continuing the comprehensive restructuring of the company, which in practice means thorough cost reductions, increased sales work and hence increased revenues, and staff restructuring.

At the 39th session of the Adria Airway’s Board of Directors on 14 January, Adria’s previous CEO, Tadej Tufek, and executive officer Marjan Ravnikar, both tendered their resignation, which the Board of Directors accepted. The pair were replaced by Klemen Boštjan?i? as CEO with Robert Vuga as executive officer.

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