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May 17, 2022

Airline Management Solutions, new Blue Air owner for EUR 30 M

Airline Management Solutions, a company with 100 pc Romanian shareholders, as Blue Air CEO Gheorghe Racaru said yesterday during a press conference, is the new Blue Air owner. The company is a recently founded start-up and the price paid in advance for the low-cost air operator is, theoretically, EUR 30 M. According to the company, its shareholders are individual persons with tens of years of experience in aviation, with no Belgian shareholders implication, as initially sources on the market said. “There are two shareholders who have business in Belgium and from there has been made the confusion I think”, said Racaru, pointing out that one of them “is the owner Maxitours” and the other works in Brussels and “is Maxitours employed”. For the time being, Airline Management Solutions has no valid flight licence in Romania and may not transfer the Blue Air licence either. The new company expects to receive a flight licence in the next ten days. In the meantime, flights will be operated under the Blue Air licence. The target of the new Blue Air shareholders in 2013 is to keep the turnover the company had last year and to keep a minimum number of passengers of 1.5 M per year, Blue Air CEO Gheorghe Racaru said.
The company pays cash RON 9 M (over EUR 2 M), RON 6 M having been paid in advance, representing urgent payments. The sum represents the value of the brand, operations and passenger data base, to be transferred to the new owner within 30 days.
The transaction does not include the company’s immovable assets. According to Transylvania Insolvency House, the new owner will pay additional bank guarantees of EUR 5,000,000 for the disbursement of collateral cash. Another EUR 28 M represents the sum for subsequent obligations, more specifically for already booked flights with the low-cost operator. The Romanian company has also taken over Blue Air’s RON 262 M debt. By the taking over these credits by Airline Management Solution, Romstrade – currently in an insolvency procedure – is discarding them and creditors have the chance of recovering 10 per cent more money than if the deal had not taken place, as the representatives of Transylvania Insolvency House said. They refused to indicate the estimated percentage to be recovered in the initial version.
Blue Air currently operates flights with a total of eight aircraft to 30 European destinations departing from Bucharest, Bacau and Sibiu and has approximately 400 employees. Blue Air and the constructor Romstrade, now in insolvency, are the most important companies controlled by the businessman Nelu Iordache, currently under investigation for embezzling RON 25 M from the money allocated for the construction of the Nadlac-Arad motorway and is now in detention.

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