The deadline for binding bids for control of Adria Airways Tehnika(AAT), the Brnik-based aircraft maintenance operation, has yielded five tenders vying to take the latest Slovenian company completely out of public ownership.
Whilst the denationalisation process of fifteen state-run companies has perhaps proved to be more problematic than the country’s incumbent administration had envisaged, the indications suggest AAT has garnered sufficient interest for at least one of the proposals to be accepted, with reports intimating that ownership of the concern responsible for Adria Airways’ fleet’s upkeep will be based elsewhere in the European Union.
As widely anticipated the Vilnius-based Avia Solutions Group and Germany’s Express Airways are two of the interested parties, both suitors making no secret of their determination to close out a deal for the former Adria Airways-owned enterprise. Other bids to be entertained emanate from Croatia’s Zagreb Traffic Institute and the lesser known Oryn and Aviatica.
The near 47% stake of AAT that Ljubljana Aerodrom owner-operator Fraport effectively inherited through assuming control of Slovenia’s principal airport is complemented by state holding-company PDP’s majority 52.3% shareholding, both having acquired their stock when Adria Airways divested itself of its maintenance division which has retained its nominal association to Slovenia’s flag-carrier, despite all business ownership links having been severed. Notwithstanding some conjecture amongst these pages AAT continues to maintain Adria’s fleet, much of it operated only after sale and lease back terms had been agreed. It appears the terms of the lease agreements allows for Adria to arrange its own maintenance with AAT, presumably on Dry Lease terms with the lessor.
It was though also easy to draw conclusions regarding AAT’s latest published financial results for the year ending 2013 – which showed a profit of just under €1 million – that accounted for a period before Adria took the drastic step to stay in the air by selling and chartering back its own aircraft. The reasons behind AAT not releasing its financial results for the year ending 2014 for public consumption aren’t clear although, the five binding bids will have been numerically based upon the relative financial health of the company, using information presumably available to interested parties through due diligence and confidentiality agreements.
Further reading on this subject can be accessed at: Ex Yugoslav Aviation blog: Adria Airways Tehnika mull over binding bids