Romanian State takes over 75% of the shares of Blue Air

The Romanian State will take control of the airline Blue Air, the company announced Friday in a press release. Blue Air has convened a general meeting of shareholders to “transfer the ownership of 75% of its shares to the State“, says the press release.

In early September, the company announced that it would cease all activity, saying it was unable to pay its suppliers and causing chaos with the 54,000 passengers affected.

Founded in 2004, Blue Air served many European destinations, including Brussels, and was the country’s second-largest airline operator, behind the Romanian national carrier Tarom.

Blue Air’s press release

Bucharest, November 18, 2022

Given that we are requesting the execution of the guarantee for more than 13 months, as soon as we received the notification from the Ministry of Finance, the shareholders of Blue Air Aviation S.A. notified the Authority for the Administration of State Assets (A.A.A.S.) to present themselves at the General Shareholders’ Meeting (AGM) of the Company, in order to fulfil the guarantee obligation by the current shareholders and hand over the ownership of 75% of the shares to the Romanian State Company, through A.A.A.S.

Today, November 18, 2022, the Company’s Shareholders were contacted by telephone by the representatives of A.A.A.S. who requested a meeting in order to establish the technical details by which this handover should take place.

As soon as this legal process is completed, the Company will publicly communicate the new shareholding structure. Obviously, later the majority shareholder of the Company will decide the way of public communication of the Blue Air situation.