Carpatair requested and obtained the protection of the insolvency law

Carpatair applied for and obtained the protection of the insolvency law

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The past days, Carpatair announced the summer operating program for 2014. And today he announces the insolvency.

Carpatair SA requested and obtained in 23 January 2014 the protection of the insolvent law with the intention of following a judicial reorganization process, after a period of 15 years of notable presence on the regular air transport market in Romania and the region. The causes of such a decision are mainly related to the existence of disputes against Timisoara Airport having as object anti-competitive activities currently investigated by The European Commission, but also by the national courts and authorities, the estimated damages exceeding 30 million Euro.

During the reorganization process, the company will continue a normal commercial activity, and the management of the company will be ensured by the current management team led by Nicolae Petrov, under the supervision of the designated judicial administrator.

For the remaining period of the winter season, until the end of March 2014, the operating program was reduced, maintaining the profitable flights, in order to an efficient reorganization. Thus, the company will significantly reduce its costs and reduce losses in the worst time of the year for the airline industry.

Timisoara Airport was, during the period 2000-2013, the main operating base of Carpatair SA

The significance of Carpatair Investment in the Timisoara HUB:

- 50 million Euro Swiss investment in Airline, Aircraft Repair Factory, Pilot School;
- Over 380 weekly flights on Timisoara Airport to 34 destinations;
- Over 500'000 of passengers transported annually to Timisoara Airport;
- Insuring over 50% of the revenues of Timisoara Airport (3.5 million Euro annually);
- Over 500 high-skilled jobs provided at Carpatair and about 300 at the units and companies that provided the related services: Airport, Border Police, Security Service, Customs, Catering, etc;
- Ensuring about 4.5 million Euro annual salary revenues that stimulated the consumption of services and goods on the local market;
- Insuring about 3.75 million Euro annual contributions to the state budget through income taxes, CAS, Unemployment, Healthcare, etc.

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