Blue Air, between insolvency and preventive agreement

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Update 6 July 2020: The solution in brief: Admits the request of the debtor BLUE AIR AVIATION SA. Pursuant to art.23 paragraph 1 of Law no.85 / 2014, regarding the insolvency prevention and insolvency procedures, it opens the preventive composition procedure of the debtor BLUE AIR AVIATION SA. Pursuant to art. 23 par. 2 of the law appoints a temporary contractor on KPMG RESTRUCTURING SPRL. Enforceable. With the right to appeal within 7 days from the communication. The appeal request will be submitted to the Bucharest Tribunal, civil section VII. Judged in the council chamber and pronounced in public session, today, 06.07.2020.
Document: Final conclusion (divestment) 06.07.2020

Blue air is facing major financial problems, a legacy inherited from the COVID-19 crisis. The current government's promise to allocate 65 million for Blue Air has remained at the promise stage, and Blue Air is making every effort to resume commercial flights and ensure the turnover of cash flow to save itself from bankruptcy.

Blue Air applied for preventive concordat

In order to save, Blue Air submitted to the Bucharest Court the documents for the preventive agreement - a mechanism to safeguard the companies financially affected by Covid-19.

Today, at 10:00, it will be determined whether the preventive agreement will be applied or the company will claim its insolvency.

What is the preventive arrangement and what does it entail?

The precautionary agreement is a contract concluded between the debtor in financial difficulty, on the one hand, and creditors who hold at least 75% of the value of accepted and uncontested claims, on the other hand, approved by the syndic judge, contract by which the debtor proposes a plan recovery and realization of the claims of these creditors, and the creditors agree to support the debtor's efforts to overcome the difficulty they are in. The debtor must inform his creditors in advance that he has difficulties and ask them for a chance to recover, proposing a concrete plan in this regard. Any debtor can resort to this mechanism, with certain exceptions provided by law, such as criminal acts or if the debtor has previously benefited from a failed preventive agreement, etc. Opening the procedure

Blue Air, between insolvency and preventive agreement

Preventive concordat is a procedure exclusively available to debtors who can submit to the competent court a request to open the precautionary concordat procedure in which they will expose the financial difficulty in which the company is and, possibly, an expertise, an audit report, a report of the censors or a decision of the general assembly to ascertain and explain the situation, in order to facilitate the syndic judge the task of assessing the appearance of the financial difficulty.

The legal provisions allow the opening of the concordat procedure and the appointment of the concordat administrator in a short term (2-3 days).

We return with information!

6 Comments
  1. Carlo says

    Dear Sorin, I'm really not sorry, although it is a Romanian company because it fiercely refuses to make a modern site, to access with a user account, as rival companies have. From my sources they have the same personnel schemes as in Tarom, with relatives and Gentiles. If they have not received enough money from humanitarian flights in the last 3 months, it is clear that they have a management problem, Wizz offering 20% ​​on each refund and good management of user accounts. I have a cumulative bonus on Blue Air of 100 euros, which no one knew about, I found out 5 years ago, and I kept sending emails after each flight to add 5 euros to each flight. No friend of mine knew about this and now I don't know how to use it. In conclusion: I hope that Blue Air and Tarom will wake up and rebuild their sites, give up the japca policy, like 2000 lei from Cluj to Bucharest with Blue Air. I would like to be proud of my country's flagship airlines as they are in other countries, to be a patriot, but it doesn't hold my pocket. I never understood "joke and speculation" and I will not agree with it. Oh and let's not forget when we were going to suffocate in Birmingham, because the Blue Air planes are waiting to leave with the air conditioning off, after 1 hour the stewardess opened the back door at her own risk.

    1. Sorin Rusi says

      I see the company as a "necessary evil." I like Blue Air and I have very good experiences with this company, even if some services leave much to be desired. Ok, maybe they don't have the most interactive site, maybe they don't have the best call center or support system, but it is a Romanian company with a lot of involvement on the local market. He is a necessary player for a regional competition. This is the only way we can have good and competitive prices, this is the only way we can have some good services.

      As for the tariff policy, as long as there is no competition, those are the prices. And that proves what I said above. TAROM and Blue Air must remain on the market to have fierce competition in the region. Only in this way will we be able to enjoy good rates and services.

  2. Valerio Donnini says

    He collected money from clients (from me 100 euros) but did not fly. What did he do with my money? It is clear that in a month Blue Air will go bankrupt. Thieves have already prepared another company. Together with Austrian Airlines. The Romanian company? Wizz Air didn't steal money. Okay, I want to see if Romanians give me money back. But aren't you tired of being a slave to Austria?

    1. Sorin Rusi says

      They did not do them because they were suspended by the authorities. What would you have wanted to do? It offers you alternatives… Refund, Reprogramming or voucher. This pandemic is not announced and is not invited…

  3. Robert says

    The last slap given by Blue Air: the flight takes place regardless of whether you enter self-isolation for 14 days or not at the destination. Niste nesimtiti. I asked for the money back or voucher, they didn't even want to hear, after the initial flight (round trip 2 people for 7 days) was canceled without my knowledge and rescheduled on 20.07.2020 in the conditions in which the Sea Britain is currently receiving us Romanians with 14 days of self-isolation. They notified me, deleted the password from the account at least 8 times. The last time I accessed my Blue Air account, there was no reservation, no ticket there… wtf.
    Tickets were purchased online directly on their website at the beginning of January 2020.
    So what are we talking about? 500 euros loss, but I don't think I'm the only one in this situation. Japca nene, as someone said above in the comments. Totally disappointed and damaged!

    1. Sorin Rusi says

      It's nothing nonsense. That's how they work, that's how EVERYONE does it. It is the passenger's job whether or not he wants to fly, whether or not he wants to be in isolation. The company will honor its flight because there are many others who will want to fly. I also lost money at Wizz because I didn't want to be isolated in London. That's it, that's the pandemic. When there is an entry ban, it's a different story.

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