Airline Blue Air from Romania filed for bankruptcy
Blue Air Aviation S.A., a Romanian airline, has entered bankruptcy following a decision approved by its creditors. The airline's assets, including two non-operational aircraft and five additional airframes, will be sold to recover funds for creditors as part of the bankruptcy procedure.
The bankruptcy was not directly linked to mounting losses or the failure to secure a strategic investor, as previously reported. However, the failure to secure necessary capital for reorganization and the accumulated losses were key reasons for initiating the bankruptcy proceedings.
Radu Tudor, Senior Partner at Infinexa, stated that the decision was driven by the need to stop continuous losses and protect creditor interests. Infinexa, a Romanian company specializing in restructuring and financing distressed businesses, was appointed as the judicial administrator for Blue Air.
Infinexa, founded in 2022, manages EUR 200 million in assets and has served as judicial administrator for several major Romanian companies, including Vivre Deco, Hidroconstrucția, and Angst, but the search results do not specify other Romanian companies served by Infinexa in connection with the Blue Air bankruptcy.
The main creditors Infinexa had to address in Blue Air's insolvency included the Romanian Ministry of Finance and the local tax authority ANAF, reflecting significant state involvement in the bankruptcy.
The Romanian government executed a guarantee to make Blue Air state-owned during the COVID-19 pandemic, but this was not mentioned as a reason for initiating bankruptcy proceedings in earlier paragraphs.
Bankruptcy aims to maximize chances of debt recovery and provide a legal framework for liquidating Blue Air's assets and settling debts, including unpaid salaries and outstanding obligations to the Ministry of Finance and tax authority ANAF.
It's worth noting that this is not the first time Infinexa has been appointed as a judicial administrator. The company has a track record of handling complex legal and financial matters involving Romanian companies in difficulty. However, more specific information about other companies Infinexa has served may require corporate or legal registry sources.
This development marks a significant turn for Blue Air, and it remains to be seen how the liquidation process will unfold and what impact it will have on the Romanian aviation industry.
Following the appointment of Infinexa as the judicial administrator for Blue Air, industry speculation suggests a possible reshuffle within the Romanian aviation business. The proceedings' primary focus will be on finance, with the liquidation of Blue Air's assets, including aircraft, intended to recover funds for creditors.
