Balkans News – 11.03.2016
Adria Airways has received a 4.1 million euro cash injection as part of a recapitalise-and-sell procedure launched by the state in January. The capital injection was provided by the state and the German turnaround fund 4K Invest, which will secure majority ownership in the carrier once the entire process is completed, the Slovenian Sovereign Holding (SSH) said in a statement. The German fund provided one million of the 4.1 million euros in total capital injected in the flag carrier. In addition to that, the fund is to pay a purchase price of 100.000 euros for its 91.6% stake. The SSH expects for the share transfer to be completed in March or April. In a statement, the SSH said the capital injection should stabilise operations at the airline and enable it to invest in development. The management had sought eight million euros in fresh capital, but the SSH halved the figure, deeming it sufficient for the coming months.
Source: EX YU Aviation News