Romanian airline Blue Air confirms IPO in London but gives up prior RTO

British company Ridgecrest stopped the negotiations with Blue Air regarding the listing of the Romanian air carrier on the London Stock Exchange by reverse takeover after Blue Air failed to attract the necessary financing to launch the operation, Profit.ro announced.

Blue Air said that the listing calendar has not changed, explaining that giving up the reverse takeover means just a change in the strategy.

Romanian private airline Blue Air will list its shares at London Stock Exchange by reverse takeover (RTO) early next year, will issue bonds at Bucharest Stock Exchange (BVB) later in the year, and will end the FY 2022 in the black, company's CEO Oana Petrescu said in July.

Ridgecrest, a British company, announced on July 6 that it had concluded a non-binding letter of intent with Cristian Rada to buy his company Airline Invest and its subsidiaries, Blue Air Aviation and Blue Air Technic. The move was supposed to be part of the RTO plan.

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