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NEWS FLASH
Efforts to settle 78 million euros in damages against former Adria Airways executives through mediation have failed, prompting the start of formal court proceedings at the Kranj District Court in Slovenia. The case, brought by Adria’s bankruptcy administrator Janez Pustatičnik, targets former CEOs Arno Schuster and Holger Kowarsch, who led the airline prior to its collapse in 2019 under the ownership of German investment fund 4K Invest. Mediation was initiated in late 2023 but ended without resolution. At the opening hearing, new evidence was submitted to dispute claims by the defence that the company’s insolvency only occurred in September 2019. They argued that the company had been insolvent far earlier under 4K Invest and presented documents to refute suggestions of a near-finalised partnership with Russian aircraft manufacturer Sukhoi. On the other hand, the defence questioned the administrator’s handling of lease-related claims, alleging overly favourable treatment of lessors, and requested access to full bankruptcy records.
The next hearing is scheduled for July 2, with both parties expected to testify. Adria Airways was sold to 4K Invest in 2016 but declared bankruptcy in October 2019, burdened with tens of millions in unpaid debts. While the bankruptcy administrator acknowledged 88 million euros in claims, the estate yielded only ten million euros. To date, 5.5 million has been distributed to creditors, 1.4 million remains in the account, and three million euros have covered bankruptcy-related costs.
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