Romanian airline Blue Air enters insolvency
Romanian low-cost airline Blue Air entered insolvency at its own request. The Bucharest Tribunal admitted the company’s request on March 21, according to the official announcement on the court’s website, quoted by Ziarul Financiar.
Several names are on the list of creditors, including the Romanian Air Traffic Services Administration - ROMATSA, Air Claim, the Avram Iancu International Airport in Cluj, and several individuals.
Air Claim announced in early March that it requested the opening of the insolvency proceedings against Blue Air, saying it still has EUR 85,000 to recover from the airline.
Blue Air suspended flights at the beginning of September 2022 and failed to resume operations. The company said at that moment that it was forced to take this decision after the Environment Ministry blocked all of its bank accounts. According to Ziarul Financiar, the company had accumulated debts of EUR 230 million in September last year, which does not include the money it must return to customers whose flights were canceled starting that same month.
The Romanian state took over 75% of the shares of the low-cost airline, through the Authority for the Administration of State Assets (AAAS).