newstodate.aero
Sep 28, 2015 (newstodate): A new Estonian airline system has officially been formed under the name Nordic Aviation Group.
The new company, set up by the Estonian state, has been mandated to bridge any uncertainty over the future of Estonian air services in case the forthcoming EU verdict requires Estonian Air to repay state aid deemed illegal unlawful.
The new company will then take over the lease obligations for Estonian Air's aircraft fleet after the expected grounding of the carrier's commercial operations and eventual bankruptcy.
Should the EU verdict go Estonian Air's way, the carrier will be merged with Nordic Aviation Group and benefit from the investments in this new fully state-owned venture.
As a fresh start, the Estonian state has deposited 40.7 mio euro with Nordic Aviation Group, roughly equal to the sum Estonian Air would have to repay as illegal state aid if Eu so rules.
The new company, set up by the Estonian state, has been mandated to bridge any uncertainty over the future of Estonian air services in case the forthcoming EU verdict requires Estonian Air to repay state aid deemed illegal unlawful.
The new company will then take over the lease obligations for Estonian Air's aircraft fleet after the expected grounding of the carrier's commercial operations and eventual bankruptcy.
Should the EU verdict go Estonian Air's way, the carrier will be merged with Nordic Aviation Group and benefit from the investments in this new fully state-owned venture.
As a fresh start, the Estonian state has deposited 40.7 mio euro with Nordic Aviation Group, roughly equal to the sum Estonian Air would have to repay as illegal state aid if Eu so rules.