Slovenia's Adria Airways files for bankruptcy
2 Oct 2019 12:29:38
Slovenian airline Adria Airways has filed for bankruptcy and canceled all flights, it said in a statement on Monday, after financial problems forced it to ground most of its planes over the last week.
“Bankruptcy proceedings were initiated by the management of the company because of the company’s insolvency,” Adria, which is owned by German investment firm 4K Invest, said.
Adria is the latest in a long line of small European airlines to run into financial trouble amid industry overcapacity, cut-throat competition and high fuel prices.
Since last Tuesday Adria has canceled more than 400 flights affecting more than 15,000 passengers.
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