BUSINESS IN SHORT

Air Slovakia’s assets put up for sale

CREDITORS of Air Slovakia have instructed the bankruptcy trustee, Josef Pukalovič, to announce a call for tenders for purchase of the bankrupt airline’s remaining assets. If no bid is submitted to purchase the remaining assets, the bankruptcy trustee must use some other appropriate method to turn the assets into cash, according to an announcement in the Commercial Bulletin, as reported by the SITA newswire.

CREDITORS of Air Slovakia have instructed the bankruptcy trustee, Josef Pukalovič, to announce a call for tenders for purchase of the bankrupt airline’s remaining assets. If no bid is submitted to purchase the remaining assets, the bankruptcy trustee must use some other appropriate method to turn the assets into cash, according to an announcement in the Commercial Bulletin, as reported by the SITA newswire.

Air Slovakia, based in Bratislava, entered bankruptcy at the end of May 2010. The decision of the Transport Ministry to permanently withdraw its business licence became effective on May 24, after the airline did not appeal the original licence withdrawal made on May 3.

Air Slovakia is owned by Harjinder Singh Sidhu, who is resident in Essex, England. He bought the company in 2006 and was its CEO from March 2007.


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