Low-cost airline Blue Air has filed for bankruptcy due to its inability to attract investors and continuing losses.
Liviu Brăteanu
International
Kevin Clark / Alamy / Alamy / Profimedia
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The court has opened bankruptcy proceedings for state-owned Blue Air after it failed to attract investors despite best efforts. Bankruptcy is considered the best solution to protect creditors and maximize debt recovery. Blue Air filed for insolvency in March 2023 and the European Commission concluded that the proposed restructuring plan was not viable, forcing Romania to recover illegal state aid of €33.84 million. All the company's assets will be sold to cover the debts.
Sources
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