Sale of Slovenské Aerolínie assets moving slowly

A three-member creditor committee for Slovenské Aerolínie, the bankrupt and highly-indebted airline company, recommended that new official receiver Vladimír Neuschl start preliminary negotiations with parties that are interested in buying specific sets of the company's assets.

The committee is expected to discuss terms of sale for these assets, as well as the date it will announce the second round of public bidding according to the sale plan that was approved, at its next meeting.

The second round will depend on the talks and the sum of potential proceeds for all unsecured creditors and a separate creditor, according to the committee’s last meeting on October 26. The airline offered 10 sets of assets in the first public bid, but no bids were received by the deadline of September 20.

The committee recommended the receiver carry out activities related to inspecting and protecting the company’s assets, making sure the company’s debts are still collected from trade partners, and managing the company's assets.

Neuschl was elected new official receiver of assets at the creditor meeting on October 5 of this year.

Members of the creditor committee, representing Austrian companies Austrian Airlines, Erste Bank and Tyrolean Airways, took over the asset sale plan from Slovenské Aerolínie's former official receiver, Ivan Klementis.

The three-member creditor committee was elected at the first meeting of Slovenské Aerolínie creditors in early July. Fourteen creditors of the bankrupt airline were present at the first meeting and 12 of them also had voting rights.

-SITA

Compiled by Zuzana Vilikovská from press reports
The Slovak Spectator cannot vouch for the accuracy of the information presented in its Flash News postings.

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