Business News

CORRECTION: $Adria Gets New Management$

Ljubljana, 15 January (STA) - Please note that the new Adria management was appointed on Friday, not Thursday as wrongly stated in today's copy. Below is a corrected version of the report.

Adria Gets New Management

Flag carrier Adria Airways got a new management on Friday, just hours after executive directors Tadej Tufek and Marjan Ravnikar tendered their resignation amidst pressure from creditors that they be replaced.

Klemen Bostjancic, former chief supervisor of insolvent builder Vegrad, has been appointed the chief executive and Robert Vuga of railways operator Slovenske zeleznice executive director effective on 17 January, the company said.

Maks Tajnikar, the president of the board of directors, told public broadcaster TV Slovenija that the new management was appointed because the old management had failed to realise strategic objectives set in 2009.

He also hinted that middle management was in for an overhaul.

The replacement of the two executives was a demand by creditors in exchange for help in restructuring the debt of the state-owned airliner, according to reports.

Adria's debt stands at EUR 130m, of which EUR 80m is outstanding bank loans, says a recent report by daily Dnevnik.

Banks have not yet approved a bridging loan requested by the carrier to get it through the slow winter season. Tajnikar told the STA that the EUR 5m is being blocked by NLB bank, whereas other banks are willing to go ahead.

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