The Slovenian national airline is the latest European carrier to fall into bankruptcy.
Adria Airways, Slovenia’s national airline, has filed for bankruptcy and cancelled all flights.
The carrier, which was bought from Slovene state ownership by German investment fund 4K in 2016, released a statement saying: “Adria Airways on Monday filed at the court in Kranj a request to start a bankruptcy procedure.”
As with other small national carriers, Adria Airways was hit hard by the rapid growth of low-cost airlines – notably Ryanair and Wizz Air.
In the week prior to the bankruptcy, Adria Airways cancelled more than 400 flights affecting over 15,000 passengers.
Under EU state aid rules, the Slovenian government was prevented in helping the airline.
The country’s economy minister, Zdravko Pocivalsek, said the government is now considering establishing a new airline to improve Slovenia’s international connections.
The Civil Aviation Authority had given the carrier a deadline of today to submit a financial restructuring plan, or else they will suspend their Air Operators Certificate.
The Adria Airways collapse capped off a dreadful September for European airlines.
Thomas Cook Airlines, and two French carriers – XL Airways and Aigle Azur – also fell into bankruptcy in the month.
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