Estonian Air Value May be Up to €10 Million
- New Europe Investor
- November 10, 2015
Estonian Air CEO, Jan Palmer, has said that the bankrupt company will be worth between 5-10 million euro to the Estonian state, after bankruptcy proceedings have been completed.
As a result of the European Commission decision at the weekend to deem a €90 million government bailout illegal, the airline has been ordered to pay it back. The result has left Estonian Air bankrupt.
Estonian Air Routes
As time on the 24 year old airline is finally up, its 200 staff will be have to look for openings in Nordic Aviation Group, the airline set up in anticipation of the negative decision.
Nordic Aviation Group, or Nordic Airways, has taken over Estonian Air’s routes with the lease contracts already being transferred over to Transpordi Varahaldus.
The end of Estonian Air is sad news to many in Estonia. The airline was a beacon of Estonian independence in the mid 1990s.