State missed the opportunity for a good sale of Adria; Adria needs fresh money. Foto: BoBo
State missed the opportunity for a good sale of Adria; Adria needs fresh money. Foto: BoBo

The state has also missed the opportunity to sell as a package Ljubljana Airport, Adria Airways and Adria Airways Tehnika. In the first bundle the share of Ljubljana Airport was included as well, along with Helios, Fotona and Letrika.

The former president of the Adria Airways management board, economist Maks Tajnikar, is (or was) very inclined towards the joint selling of the three companies, which unfortunately was not realized. Tajnikar believes that both companies still remaining in the Slovenian ownership need a strong injection of cash, Adria especially: "At this moment Adria is looking for an investor, and probably also for somebody to improve the management of the company. There is a possibility that the form of ownership could remain unchanged, as nothing is forcing us to sell overnight."
Until now no need to dismiss employees of Adria
Rajko Stankovič, President of the Small Shareholders' Association of Slovenia, regrets that Adria Arways was never truly restructured, in spite of all kinds of state aids; he adds that it is especially true for its staff: "It is rumoured that the number of employees is too large. But until now no drastic cuts have been made, as the state has always opened its wallet. But the times have changed, and the state simply has no money for that, therefore Adria is selling off its planes, and then leasing them in order to remain liquid."

All the attempts to find a strategic partner for Adria have failed, Stankovič continues. The only positive news is the announced code-sharing agreement with the Indian air operator. If they fail to take advantage of it, our state might remain without its own air operator.

Dwarf when compared to potential buyers
In the past a lot has been said about the sale of Adria to Lufthansa, to Turkish, Kuwaiti, or Chinese air operators: "You should be aware that Adria with its 10 or 12 airplanes is a dwarf when compared to any of those." Thus Adria could become a connecting link between the large airlines. However, the question is whether we will be able to sell it without prior restructuring.