Carpatair, officially in insolvency

Carpatair got approved yesterday its request of becoming insolvent, aiming to proceed with a judicial reorganization.  According to representatives of the airline, their request was due to the damages worth some 30 million euro arose from disputes with the Timisoara Airport concerning anticompetitive activities – ‘The causes of this decision are mainly related to the existence of some litigation against Timisoara Airport about anticompetitive activities currently investigated by the European Commission, as well as by domestic courts and authorities, the estimated damages exceeding 30 million euro.’

During the reorganization process, there will be no changes in the commercial activity, the company’s management remaining the current one, lead by Nicolae Petrov, under supervision of an insolvency administrator, that will be appointed.

Founded in 1999, Carpatair, a privately owned company, with a majority of Swiss shareholders, is one of the most important Romanian airlines, having its headquarter in Timisoara. The company is member of the International Air Transport Association, IATA, since 2006, last year receiving its fifth IOSA – IATA Operational Safety Audit – registration, a certification of high quality and safety standards.