The state imposes 2 representatives in the management of Blue Air

The state imposes 2 representatives in the management of Blue Air

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Until the full repayment of the 300 million lei loan, guaranteed by the Romanian state, the Government will have two representatives - with the right of veto - in the board of directors of the low-cost airline Blue Air.

The company will not be able to grant dividends or repay loans to shareholders, nor will it be able to alienate aircraft until the loan is fully repaid.

The state imposes 2 representatives in the management of Blue Air

"In the absence of state aid, there is a high probability that Tarom and Blue Air will go bankrupt and eventually go bankrupt.", Shows the Government in the emergency ordinance for granting loans, a document already announced as adopted, but adopted again in the August 19 meeting of the Executive, mentions Digi24.ro.

According to this ordinance, the Ministry of Public Finance will be authorized to issue, at the request of Blue Air, a state guarantee for contracting a loan up to the amount of 300.775.000 lei for a period of 6 years, as state aid. The guarantees will cover 100% of the value of the loan, interest and related fees.

Until April 30, 2021, Blue Air will present economic-financial analyzes performed by an independent financial auditor which will show the real value of the damage caused directly by the COVID-19 pandemic, between 01.03.2020 - 31.12.2020. If this amount is less than the amounts for which letters of State guarantee have been issued, the difference shall be returned to the financier and the amount of the State guarantee shall be reduced accordingly.

We remind you that Blue Air sent a desperate message to the Romanian Government by which it requests the urgency of granting this credit. And let's not forget that Blue Air went bankrupt for a few months initiating the preventive composition procedure.

Blue Air promised that once the money reached the company's accounts, all passengers who have to receive refunds on unpaid tickets will receive their money.

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