Business News

Spanair Collapse Leaves Adria Airways Tehnika Reeling

Brnik, 01 February (STA) - The owner of Adria Airways Tehnika announced on Wednesday that the aircraft maintenance company is in serious trouble following the bankruptcy of Spainair, its second-largest client.

Mazej Golob Matzele of the state-owned PDP asset management firm, which bought the company from Slovenian flag carrier Adria Airways in January 2011, told the STA that the owners and management were looking at several possible solutions.

Adria Airways Tehnika, part of which is also owned by airport operator Aerodrom Ljubljana, employs 230 people. It was notified of the bankruptcy of Spainair last week.

According to the daily Dnevnik, Spainair accounted for 25-30% of the company's revenues, while the bulk comes from services rendered to Adria Airways.

The management of Adria Airways Tehnika already put forward a restructuring plan last Friday, the details of which however remain unknown. Ongoing talks have also been confirmed by Aerodrom Ljubljana.

Dnevnik meanwhile reports that the financial woes of the company started as early as 2010, when it made a EUR 5m loss. Its loss in 2011 reportedly amounted to EUR 1m.

According to Dnevnik, Adria Airways Tehnika moreover suffered several millions in damage as part of its formation and later capital injections, which is why it announced lawsuits against its founder Adria Airways.

The paper adds that workers have been receiving only 90% of their wages and have not had their social contributions paid.

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