Romavia went bankrupt

Newsroom 25/08/2014 | 16:32

Romanian state-owned aviation company Romavia has entered a bankruptcy procedures after a decision from the Ilfov Tribunal taken at the start of August, writes Mediafax.

Rovigo SPRL was designated as the judicial liquidator.

Romanian aviation company Romavia was founded in April 1991, as autonomous under the coordination of Ministry of Defense and as the principal operator designated to perform special flights for the Presidential Administration, Romanian Government and Parliament.

Romavia provides public services (passenger individuals or organized groups) in regular charter (flight schedule days and hours is fixed takeoff / landing). Romavia also provides charter services through its collaboration with travel agencies.

Romavia’s downfall started when it had its air operation certificate suspended as the company lacked money to lease planes.

This led Romavia to lose its exclusivity in organizing special flights. The company had overdue payments of some EUR 8.4 million at the end of 2013.

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