Do or die for Adria

New Adria CEO announces plans to revive the carrier

Over the weekend, Tadej Tufek fell from grace after years at Adria’s helm. Following revelations that the airline is in deep financial trouble Tufek resigned. Promptly, a new management team was announced by the Slovenian Government and Adria’s Management Board. Adria Airways’ new CEO, Klemen Boštjančič, is a former CEO of the insolvent construction company Vegrad and the former head of the Mineral Council. Yesterday, Boštjančič said that he is confident that the ailing flag carrier is not beyond saving and is promising a series of far reaching measures to get the airline back on track. Speaking to the Slovenian “Poslovni dnevnik” portal, the new CEO believes that all of Adria’s destinations must be reviewed, however he also believes that Adria should explore new markets and increase flights. It is believed that Adria is willing to set up a new base in Skopje. “The next 6 months are crucial for Adria’s survival. We need to change the airline’s current business model and secure short term liquidity, otherwise the company will go bankrupt. As soon as you don’t pay your suppliers they are in a position to seize your aircraft”, Boštjančič explained. Surprisingly, Boštjančič admitted that there is a possibility that some flights could be cancelled this week although he hopes “it won’t come to that”.

On Sunday, the “SEEbiz” portal reported that Adria had become insolvent and that banks are no longer willing to provide it any loans. However, Boštjančič said that, according to figures presented to him, Adria is still not insolvent. He believes that the airline can be saved.