Tuesday, January 28, 2014

Romania’s Carpatair to restructure under bankruptcy protection

http://atwonline.com/

Romanian regional carrier Carpatair has been given the legal go-ahead to restructure under bankruptcy protection.

The company blamed €30 million ($41 million) in legal damages it has been charged as a key reason for filing for insolvency. The legal disputes arose out of anticompetitive practice acusations leveled at Timisoara Airport, Carpatair’s home base, that are being investigated by the European Commission, local courts and authorities.

During the restructuring process, the company will be run by the current management team led by Nicolae Petrov, under the supervision of an appointed insolvency administrator.

Operations will continue, although the winter season schedule will be restricted to profitable flights only, according to local reports.

Carpatair was founded in 1999, by a group of Swiss businessmen who are the main shareholders. The carrier operates one Boeing 737-300, two Fokker 100s and one Fokker 100 for subsidiary Moldavian Airlines, based in Chisinau.

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