newstodate.aero
Jun 29, 2015 (newstodate): After years with declining fortunes, the state-owned Bosnian and Herzegovian carrier B&H Airlines will file for bankruptcy.
The carrier has accumulated a debts pile including unpaid aircraft lease invoices and is now left without any assets to secure future operations.
In the fleet are two two ATR 72 aircraft now returned to the owner.
B&H Airlines was the successor of defunct airline Air Bosna that ceased operations due to heavy debts in the fall of 2003 and was set up in June 2005.
In December 2008, Turkish Airlines won the tender for privatization of the Bosnian carrier, taking 49 percent of the stake and injecting fresh capital into the ailing carrier.
The cooperation did not work, however, and in June 2012 Turkish Airlines withdrew its management personnel at the airline after having earlier taken back the Airbus A319 operating for B&H Airlines.
In 2014, the Bosnian state opened another tender for 49 percent of the shares in B&H Airlines, with the first round calling for interested parties to acquire the tender materials to open by October 2013 and a final round for handing in final bids to open by February 2014.
In the end, no bids were placed, and the state had to take over again the financial responsibility - which has now come to an end.
The carrier has accumulated a debts pile including unpaid aircraft lease invoices and is now left without any assets to secure future operations.
In the fleet are two two ATR 72 aircraft now returned to the owner.
B&H Airlines was the successor of defunct airline Air Bosna that ceased operations due to heavy debts in the fall of 2003 and was set up in June 2005.
In December 2008, Turkish Airlines won the tender for privatization of the Bosnian carrier, taking 49 percent of the stake and injecting fresh capital into the ailing carrier.
The cooperation did not work, however, and in June 2012 Turkish Airlines withdrew its management personnel at the airline after having earlier taken back the Airbus A319 operating for B&H Airlines.
In 2014, the Bosnian state opened another tender for 49 percent of the shares in B&H Airlines, with the first round calling for interested parties to acquire the tender materials to open by October 2013 and a final round for handing in final bids to open by February 2014.
In the end, no bids were placed, and the state had to take over again the financial responsibility - which has now come to an end.