Adria's Assets Estimated at Over €6m

Adria Airways (Shutterstock)

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, Slovenia Total News reported.

Among its assets are also the operating licenses, 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.

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 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.