Romanian airline company files for insolvency

Romanian businessman Ovidiu Tender filed at the Bucharest Court for the insolvency of his airline company Ten Airways. The court set the first term this week, on March 5, reports local Dailybusiness.ro. Ten Airways, which started its activity in 2010, operated charter flights and wet lease – or aircraft and crew leasing. It posted a EUR 9.82 million turnover in 2013, seven times more than in 2012, when the turnover amounted to EUR 1.3 million. However, the company’s debts increased from some EUR 675,000 in 2012 to EUR 4.7 million in 2013. Ten Airways had 120 employees at the end of 2013. editor@romania-insider.com