newstodate.aero
Aug 01, 2017 (newstodate): The Estonian carrier Nordica ended its operational cooperation with Adria Airways in November 2016 - but the two carriers are still linked by a loan arrangement.
As the cooperation was abrogated, Nordica had still placed advance payments and deposits into the accounts of Adria Airways to cover their running costs and potential business risks - and the calculated value of these placements was then transformed into a regular loan accruing to 4,556 million euro, listed in Nordica's own annual account as "other receivables".
It remains to be seen, however, if what is essentially Estonian state money will ever return to the purse of Nordica, given the vacillating nature of the Slovenian airline's finances.
As the cooperation was abrogated, Nordica had still placed advance payments and deposits into the accounts of Adria Airways to cover their running costs and potential business risks - and the calculated value of these placements was then transformed into a regular loan accruing to 4,556 million euro, listed in Nordica's own annual account as "other receivables".
It remains to be seen, however, if what is essentially Estonian state money will ever return to the purse of Nordica, given the vacillating nature of the Slovenian airline's finances.