A company owned by local businessman Dan Adamescu, a consortium which includes Medallion Air, owned by Victor Dumitrescu, and a company based in Belgium have remained in the race to acquire Blue Air, but only the last two have submitted final bids.
People familiar with the matter told MEDIAFAX that the auction starts from 6 million lei (EUR1.38 million). They also said the buyer’s obligations include, among others, the payment of debts incurred by the airline’s current activity and the operation of contracted flights.
According to other sources, Casa de Insolventa Transilvania (CITR), the court-appointed administrator of insolvent firm Romstrade, which owns Blue Air, wants to complete the sale transaction in at most two months. Earlier today, CITR said two final bids have been submitted Thursday, May 16, to acquire Blue Air. It also said the sale of the Blue Air business targets to consolidate the company’s position on the Romanian and European markets.
On April 24, Blue Air said it received bids and letters of intent from nine prospective investors, mostly foreign, by the April 20 deadline.
Blue Air currently has a fleet of 8 planes and flies to 30 European destinations. The company employs around 400 people.
Blue Air and construction company Romstrade are the largest companies controlled by businessman Nelu Iordache, who is currently awaiting trial on charges of money laundering involving his construction company Romstrade.
Blue Air carried 1.45 million passengers in 2012 and its annual sales reach around EUR150 million. Its main rival, low-cost airline Wizz Air, carried 2.7 million passengers and estimates to carry 3 million passengers in 2013. (EUR1=RON4.3375)