Montenegro Airlines to lose land and facilities

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Montenegro Airlines will soon lose ownership of its headquarters, as well as a 502 square metre plot of land it owns in Podgorica after activating a mortgage in return for credit. According to the "Dnevne Novine" daily, the company has already moved out of its HQ in Beogradska Street, which it has called home for the past twenty years. The company recently took out a 800.000 euro loan. The state-owned carrier ended 2015 with a net loss of 10.386.432 euros, while its accumulated debt totalled 60.4 million euros. Auditor MV Consulting concluded that the airline is at risk of insolvency and that its capacity to continue operations relies primarily on its ability to restructure its obligations and establish a satisfactory level of liquidity.