Blue Air escapes insolvency, aims for EUR 160 mln turnover this year

Low cost airline Blue Air, which has recently exit insolvency, targets a turnover of EUR 160 million this year, up on the EUR 150 million posted in 2010. “Last year was a difficult one; due to high installments, we had to return some of the airplanes to the owners, but in parallel, instead of the four airplanes bought in leasing, we bought four new ones and we want to complete our air fleet with another airplane,” said Gheorghe Racaru, the group's strategy director. Blue Air is part of the Romstrade group. Blue Air had been in insolvency at the request of Carpatair and Service Excellence Solutions but the Bucharest court decided to halt the insolvency procedures. editor@romania-insider.com