air serbia partnersshinedown attention attention
There can't be re-nationalization when JU is already a national airline. No chance. Air Serbia has notified Etihad Airways Partners I BV, a special purpose vehicle set-up by Etihad Airways in September 2015, that it will be potentially unable to meet its debt obligations and payments as a result of the financial strain caused by the coronavirus Covid-19 pandemic and will hold talks to reach a mutual agreement. Clearly some government genius who negotiated them got very rich with brown envelopes.The amount of money being funneled into this company is astounding.What matters is that we are getting something in return, at least it's a business from which the country profits. Possibly you slept through it.All airlines will send similar letters to this fund. He was very bad, not just for the airline but for the work environment as well. Etihad Airways Partners, the investment entity owned by Etihad that manages its investments in other airlines, issued a notification of default this week relating to the Serbian flag carrier, Air Serbia. The majority shareholder - the Serbian government signed off on it.The government signed it off because there was an EY management contract which was supposed to turn JU around and to make it profitable. We had Jat Airways in the state it was in which would have been replaced by W6 and whatever offer they could have gained.For weeks we have been reading here how Serbia will inject money into its airline, shield it from the crisis, gear-up further expansion etc., but nothing happened (even though state aid to AF, KLM, LH and similar is well on the way) and now we read that Air Serbia will default on payments, ie will become insolvent. Well the government can sue Etihad because that yearly interest rate is actually illegal in Serbia. Yet the CEO was was signing all that was an EY puppet, that's what matters in this story.
Just a refinancing in a time of coronavirus, trying to get some debt writen off and to negotiate best terms going forward.
And you use the word prestige in the wrong context here. If an airline is so ambitious then how come it suddenly not be able to pay the loans? Considering the amounts we are talking about here, I would be far from certain.You can be sure you are getting much more than from Serbian RailwaysJU is the main engine of tourism development.
Dane was found and approved by EY. But I am sure the benefits are higher, consider all the sandwiches sold in flight, not to forget the kikiriki. They can release EY's shares and have others buy them"Main reason why JU is not profitable is EY and its expert management. This expensive loan with some of the worst conditions was not from the 1990s. The Ministry has also said it is working with Air Serbia on a range of measures to aid the company. I don't know the debt to asset ratio of Air Serbia, but it's probably on the high side, as most aircraft are leased and the owned ones are not worth much.The thing is that this loan is not under Serbian law but under Emirati or British law.
Vinci got this concession fairly cheap??? Five years ago, Air Serbia’s part-owner Etihad embarked on an international roadshow in Abu Dhabi, Dubai and London, supported by lead advisor Goldman Sachs and UAE-based ADS Securities and Anoa Capital by creating a funding vehicle called Etihad Airways Partners I BV and Etihad Airways Partners II BV. Petar why are you throwing shade at BEG/Air Serbia again?I think what you’re all forgetting is the state Jat was in before Etihad rebranded it into Air Serbia. What the government can do is buy out their minority partner. They are bringing most foreigners to Serbia so they more than compensate their losses. I am just puzzled how can anyone normal sign off such a deal unless again someone took a few % in their pocket(s)!?! You really can't be sure that the gain is bigger than the spending. yeah, it is really an outstanding move when you borrow money @7% and then do nothing with it, put most of it in the bank @2% for a couple of yearsBankrupt? No private entity would be interested in buying those shares. JU only started to consolidate once management was transferred to Belgrade. How come JU first became a boutique airline, then a low-cost. The subleasing agreement of the A330 from Etihad is also under very poor terms.You're presenting it as if the government had no say in brokering these terms. So you are implying that there is no benefit from Air Serbia?Also Toto from Kikinda, those two companies profit massively from doing business with JU. In a few years when the debt is payed off, they will be in plus.
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