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Andrei Chirileasa
Editor-in-Chief

Andrei studied finance at the Bucharest Academy of Economic Studies and started his journalism career in 2004 with Ziarul Financiar, the leading financial newspaper in Romania, where he worked for ten years, the last six of which as editor of the capital markets section. He joined the Romania-Insider.com team in 2014 as editor and became Editor-in-Chief in 2016. He currently oversees the daily content published on Romania-Insider.com and likes to stay up to date with everything relevant in business, politics, and life in Romania. Andrei lives with his family in the countryside in Northern Romania, where he built their own house. In his free time, he studies horticulture and tends to his family’s garden. He enjoys foraging in the woods and long walks on the hills and valleys around his village. Email him for story ideas and interviews at andrei@romania-insider.com. 

 

Blue Air still waits for RO Govt.’s rescue loan

Romanian airline Blue Air still hasn't received the rescue funds from the Government, the company said in an open letter, Economica.net reported.

On August 19, the Romanian Government approved an emergency ordinance (OUG 139/2020) granting RON 300 mln (EUR 62 mln) state guarantees to the company, and the European Commission approved the state aid under an emergency procedure.

Blue Air representatives say that further delays in getting the money will severely affect its operations.

"As long as this credit is postponed, the markets that we can no longer serve will be taken over by foreign operators that will not contribute to Romania's state budget and will not make decisions with Romanian interests in mind. Every day of delay undermines our partners' trust in Blue Air and the Romanian state and strengthens the position of our direct competitors, who take advantage of the unexpected opportunity to fly in a market left unserved by Blue Air," the company said in its open letter to the Government.

More than six months have passed since the company applied for the rescue loan, and the Government began the procedures to extend it.

The company argues that it decided to maintain regular flights, and not downsize to a cargo and charter operator, based on the state's promise for the rescue loan.

The pre-insolvency agreement with creditors was also based on the expectations for the rescue loan.

Blue Air thus urges the Finance Ministry to urgently finalize the draft Government Decision to extend the 6-year loan guarantees that will help it cover the losses caused by the pandemic and to ensure the continuity of its activity.

This loan is an indispensable condition for the approval of the recovery plan by the creditors and the resumption of Blue Air operations on a solid basis.

(Photo: Nikolay Bychkov | Dreamstime.com)

andrei@romania-insider.com

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Profile picture for user andreich
Andrei Chirileasa
Editor-in-Chief

Andrei studied finance at the Bucharest Academy of Economic Studies and started his journalism career in 2004 with Ziarul Financiar, the leading financial newspaper in Romania, where he worked for ten years, the last six of which as editor of the capital markets section. He joined the Romania-Insider.com team in 2014 as editor and became Editor-in-Chief in 2016. He currently oversees the daily content published on Romania-Insider.com and likes to stay up to date with everything relevant in business, politics, and life in Romania. Andrei lives with his family in the countryside in Northern Romania, where he built their own house. In his free time, he studies horticulture and tends to his family’s garden. He enjoys foraging in the woods and long walks on the hills and valleys around his village. Email him for story ideas and interviews at andrei@romania-insider.com. 

 

Blue Air still waits for RO Govt.’s rescue loan

Romanian airline Blue Air still hasn't received the rescue funds from the Government, the company said in an open letter, Economica.net reported.

On August 19, the Romanian Government approved an emergency ordinance (OUG 139/2020) granting RON 300 mln (EUR 62 mln) state guarantees to the company, and the European Commission approved the state aid under an emergency procedure.

Blue Air representatives say that further delays in getting the money will severely affect its operations.

"As long as this credit is postponed, the markets that we can no longer serve will be taken over by foreign operators that will not contribute to Romania's state budget and will not make decisions with Romanian interests in mind. Every day of delay undermines our partners' trust in Blue Air and the Romanian state and strengthens the position of our direct competitors, who take advantage of the unexpected opportunity to fly in a market left unserved by Blue Air," the company said in its open letter to the Government.

More than six months have passed since the company applied for the rescue loan, and the Government began the procedures to extend it.

The company argues that it decided to maintain regular flights, and not downsize to a cargo and charter operator, based on the state's promise for the rescue loan.

The pre-insolvency agreement with creditors was also based on the expectations for the rescue loan.

Blue Air thus urges the Finance Ministry to urgently finalize the draft Government Decision to extend the 6-year loan guarantees that will help it cover the losses caused by the pandemic and to ensure the continuity of its activity.

This loan is an indispensable condition for the approval of the recovery plan by the creditors and the resumption of Blue Air operations on a solid basis.

(Photo: Nikolay Bychkov | Dreamstime.com)

andrei@romania-insider.com

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