Carpatair becomes insolvent

Airline company Carpatair filed for and was granted insolvency on Thursday as part of a legal restructuring process. The company justified its decision by referring to the EUR 30 M damages following legal disputes with Timisoara Airport over anti-competitive activities, according to Mediafax. During the restructuring process, the company will be run by the current management team led by Nicolae Petrov, under the supervision of an appointed legal administrator, while maintaining its normal commercial activity. For the duration of the winter season – until end March 2014 – the operation schedule will be restricted to profitable flights. The main shareholders of Carpatair, a company founded in 1999, consist of a group of Swiss businessmen.

Leave a Reply