The Slovak company Adria Airways went bankrupt since September 30, 2019, so all flights scheduled to be canceled.
The company has been active on the market for 58 years, but has now ceased its activity. Initially, it was seeking investors to solve the liquidity problem, but due to the fact that they went into too much debt, they had to file for bankruptcy.
“The company announces that it will cancel all scheduled flights due to the initiation of the bankruptcy procedure,” the airline’s press release states.
Not only this company went bankrupt, but also two others, because, in general, September is a weaker month in the field of aviation, because there are not enough travelers to provide the monthly expenses of maintenance, personnel, bills, fuel and many more.
Adria Airways carried 1.2 million passengers in 2018, the same number as the Ryanair caew fly in just three days. It is believed that about 100,000 passengers had canceled reservations at this company, which was a member of the Star Alliance.
Most of the flights were to and from the Slovenian capital, Ljubljana, with connections to Frankfurt, Munich, Prague and Vienna. Adria Airways had secondary hubs in Pristina in Kosovo and in the Albanian capital, Tirana.
The situation is similar to other small national airlines, which have been affected by the entry of low-cost airlines, especially Ryanair and Wizz Air, which are just waiting to take profitable routes.
Adria Airways was founded in Ljubljana in 1961. In the 1980s, it flew many charter flights between the United Kingdom and Yugoslavia since then, under the brand name Inex Adria. It was privatized in 2016 and subsequently fought against an economic situation caused by intense competition.