newstodate.aero

Sep 04, 2020 (newstodate): The Estonian company Nordica remains on the bench pending the state's final approval of an aid package to relieve its financial plights.
   Speaking to newstodate on August 14, Erki Urva, Nordic Aviation Grop CEO, said that expectations were for the government to make a final decision "within the coming two weeks", after which the money could then be released to Nordica.
   However, the Estonian government failed to make the longed-for decision, and hopes are now that the issue will at least be on the agenda at the next meeting on September 10, 2020.
   On August 12, 2020, the EU Commission approved that the Estonian state may throw a lifeline to Nordica.   
   The Estonian government can thus inject EUR 30 mio into the company on certain conditions: one is to set up a Holding Company with Nordica, Xfly and the leasing arm Transpordi Varahaldus as sister companies; another is that Nordica must present a convincing business plan to the government.
   Of the total of 30 mio euro, 22 mio euro take the form of a share capital increase, while the remaining eight mio euro will be a subsidized interest loan to the company.