The agreement, whose content was not disclosed in Friday's press releases, comes after almost all of Adria's 113 pilots staged a strike on 22 and 23 March.

They demanded a preservation of their rights after their old collective bargaining agreement expired at the end of February.

It has not been revealed what kind of a pay cut the pilots were facing, but there was talk of as much as 35%.

The former flag carrier passed into majority ownership of the German 4K Invest fund a year ago.