Carpatair files for insolvency

Carpatair, the only Romanian private airline, filed for insolvency on January 23 with the intention of following a process of judiciary reorganization.

According to a press release issued by the company, the reasons behind this decision are due primarily to certain litigious actions against Timisoara Airport dealing with anti-competition investigations initiated by the European Commission, but also by the authorities in Romania. The damages in this case are over EUR 30 million. Carpatair SA is represented by Tuca, Zbarcea and Associates in its ongoing court battle with Timisoara Airport.

During reorganization, the company will continue its normal commercial activites, and the management team led by Nicolae Petrov will carry on, under the supervision of a court appointed administrator.

Carpatair Investments in Timisoara:

– over 380 weekly flights from Timisoara Airport to 34 destinations;

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– 50% of the airports revenue come from CarpatAir activity (EUR 3.5 mln annually)

– EUR 3.75 mln annual contributions to local economy