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Court Begins Restructuring Proceedings for Air Slovakia
Thursday 04 March 2010 Zoom in | Print page
Bratislava, March 4 (TASR) - Bratislava I District Court in late February began restructuring proceedings for troubled airline Air Slovakia, TASR was told by Bratislava Regional Court spokesman Pavol Adamciak on Thursday.
The court will decide on the restructuring plan within 30 days, said Adamciak. The airline recently had its licence to operate flights suspended by the Aviation Bureau.
"The court made the decision based on a proposal submitted by the debtor and a submitted restructuring evaluation. According to the Bankruptcy and Restructuring Act, the court has 30 days to decide whether to allow restructuring or not," said Adamciak.
Air Slovakia has also come under scrutiny from the Transport Ministry as to whether it is financially able to carry out flights.
It emerged recently that Air Slovakia owes money to its business partners, employees, state-insurer Socialna Poistovna and health insurance companies. Meanwhile, the police have launched a criminal investigation into its failure to pay taxes and social- and health-insurance payments.
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