Blue Air threatened by insolvency

Romanian low-cost airline Blue Air will remain until June 2023 under the preventive composition procedure – a pre-insolvency state agreed with the creditors two years ago that allows parties to implement a restructuring plan.

The air operator says that, at the end of June, the Bucharest Tribunal approved the 12-month extension of the preventive composition procedure opened by the company in Romania in June 2020.

Separately, Cristian Rada, the main shareholder of Blue Air, took over the CEO mandate of the company.

Blue Air announced in February this year the appointment of Steven Greenway as CEO on March 1. He replaced Oana Petrescu, who had joined the company in January 2018 and had held this position since 2019. Petrescu remained in the company in the role of Chairman of the Board of Directors.

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