Nordica, the Estonian state-owned airline, is facing a serious financial crisis, with the company unable to rule out insolvency as it posted a nine-month loss of €11.9 million.
The airline has attributed these losses to detrimental contract terms, complex organisational structure, poorly implemented or ineffective contracts, and the use of too many different aircraft types.
These issues have led to liquidity problems, forcing the company to hire a consulting firm to implement measures to slow the deepening of losses. Insolvency cannot be ruled out as changes to address these problems will take time.
Not a word, who drove the company to this situation 🙁
Jan Palmer, as also with Estonian Air