Bankrupt Adria Is Selling 20 Aircraft Models For €1500 To Raise Funds

Assets belonging to the former flag carrier of Slovenia, Adria Airways, continue to be put on sale. The bankruptcy administrator is now selling 20 airplane models of Adria Airways CRJ900 aircraft in a single package. The auction starting price is 1,500 ($1,750), and all bids must be submitted within the next 14 days.

Adria Airways A319
Adria Airways assets are on sale as part of bankruptcy proceedings in Slovenia. Photo: Getty

Adria Airways is looking for cash

Adria Airways was the flag carrier of Slovenia and one of Europe’s oldest airlines, operating continuously for 58 years. It went bankrupt last year, following months of operational difficulties and even a criminal investigation.

Following its bankruptcy, the receiver of Adria Airways, Janez Pustatičnik, approved a total of 88 million ($104 million) of claims against the bankrupt Slovenian airline. This included over 15 million ($18 million) of unpaid wages to Adria Airways employees. Even though these unpaid wages have been prioritized against other debts, the sum exceeds the estimated value of the remaining Adria Airways assets.

As a result, the bankruptcy proceeding has so far yielded some very interesting developments. Adria Airways’ Air Operator Certificate was put on an auction back in January when it was bought by the ‘King of Bananas’. There are rumors that he is planning to re-establish a Slovenian national airline with this asset. At the same time, Slovenian-based cargo airline Solinair is also making plans to establish the second Adria Airways.

Then, in March, 1,734 Adria Airways uniforms were put on sale, also through an auction. The starting price was €50,000 ($59,000), but this attracted no purchases, and so no money was made from this asset. The auction process has now moved on to the next asset: Adria Airways airplane models.

Adria Airways
Various assets formerly belonging to Adria Airways have already been put on sale, but most without success. Photo: Getty Images

Airplane models now on sale

Ex-Yu Aviation News reports that twenty collectible airplane models that used to belong to Adria Airways are now on sale, for a starting price of 1,500 ($1,760). They will be on sale until 17th August, so for another two weeks.

The models are of Adria Airways Bombardier CRJ900 aircraft, 1:50 in scale. This makes them 120 centimeters long.

The auction participation deposit is a third of the starting price, which is a model that has proven unsuccessful in the past few months when it comes to selling Adria Airways assets. Along with the cabin crew uniforms, previous unsuccessful auctions were also for catering equipment, pillows, air sickness bags, and even the Adria Airways brand name.

Croatia Airlines Zagreb Airport
Croatia Airlines is considering making use of its spare capacity by basing airplanes in Adria’s former base, Ljubljana Airport. Photo: Getty Images

What’s been going on in Slovenia?

Apart from some recent rumors that there are several parties interested in setting up a new airline in Slovenia, not much has been going on in the aviation industry in the country since Adria Airways went bankrupt.

Ljubljana Airport sees only a handful of departures per day these days. Today, for example, the only departures are Lufthansa to Frankfurt, Turkish Airlines to Istanbul, Air Serbia to Belgrade, LOT to Warsaw, and Air France to Paris.

Do you think the bankruptcy administrator for Adria Airways will ever manage to generate enough money from asset sales to pay back the old debts of this former airline from Slovenia? Let us know what you think of this story in the comments below.