Romanian airline Blue Air will not resume flights after October 10

Private Romanian airline Blue Air, which suspended flights on September 6 with the plan to resume operations after October 10, issued a statement saying it is still not in a position to start flying again. The company implies that flights will resume only after (if) it finds a way to “restructure its capital profile”.

However, according to Economica.net, the company sold nearly 16,000 tickets worth EUR 3.7 mln for flights scheduled between October 10, 2022, and October 30, 2023 - which are now uncertain.

“Blue Air is currently in discussions with potential investors, lenders and the Romanian Government to restructure its capital profile so as to be able to resume air operations,” the company said in a press release.

The airline has debts in amount to some EUR 230 mln, while its equity is worth EUR 30 mln, according to former CEO Oana Petrescu, quoted by Ziarul Financiar.

Under the national accounting system, Blue Air Aviation had negative equity ownership of EUR 131 mln at the end of 2020 (the company hasn’t filed its financial statements for 2021).

Blue Air assured it will make an announcement promptly “upon the finalization of the ongoing discussions as to when it expects to have its fleet flying again.”

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