Financial Advisor for Croatia Airlines’ Recapitalisation Model Chosen

Lauren Simmonds

What with all the stories about the ailing Uljanik and 3 Maj shipyards in Pula and Rijeka, the dire situation with the seaplanes, and even the old sagas about the plight of the former Agrokor, which is now of course Fortenova, we often forget about one of the most strategically important companies there is in this country – Croatia Airlines.

While news of the seemingly rather unpleasant impending fate of Croatia’s shipyards and shipbuilding industry circulates and dominates the media, news about Croatia Airlines and its very internal struggles tends to get buried. The reality, however, is that Croatia’s flag carrier is very much in hot water and has been for a considerable amount of time now, with a much needed strategic partner still apparently nowhere to be seen, it’s hard to imagine that Croatia Airlines is heading in a good direction, even with its record numbers of passengers but continual posting of losses.

It seems however, at least for now, that Croatia Airlines’ many financial woes might have been lifted with the choosing of a financial advisor to help with the model of the airline’s recapitalisation.

As Poslovni Dnevnik writes on the 26th of April, 2019, the chosen consortium should soon propose a model for the recapitalisation of Croatia Airlines, as well as the seeking of a strategic partner.

The committee for the preparation and the implementation of the procurement procedure for financial advisory services for the elaboration of Croatia Airlines’ recapitalisation model and the finding of a strategic partner (yes, that’s quite the mouthful), has decided on the selection of a financial advisor, and the offer of a consortium including Privredna banka Zagreb and DVB Bank SE, has been chosen. 

The consortium was chosen in strict accordance with the national plan for reform 2018, and deliver financial advisory services to Croatia Airlines with regard to the proposal of a model for the air company’s recapitalisation, as well as seek a strategic partner.

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