The Slovenia Times

Adria Airways recapitalised, step closer to sale


The capital injection was provided by the state and the German turnaround fund 4K Invest, which will gain majority ownership once the whole procedure is completed, the Slovenian Sovereign Holding (SSH) said in a statement.

The German fund provided EUR 1m of the EUR 4.1m in total capital injected in the flag carrier on Tuesday.

The capital injection was carried out as part of a deal between the state owners and 4K Invest struck in mid-January. In addition to the EUR 1m, the fund is to pay a purchase consideration of EUR 100,000 to the state owners for their 91.6% stake.

The SSH expects the transfer of ownership to be completed in March.

In today's statement it said the capital injection should stabilise operations of the flag carrier and enable it to invest in development.

The management had sought EUR 8m in fresh cash, but the SSH proposal at the 19 January general assembly reduced that to EUR 4.1m, deemed sufficient for the coming months.

4K Invest has more than 20 years experience in enterprise turnaround with over 200 successful restructuring projects, making it on of the leading companies in this field, the SSH has said.


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