{"id":445081,"date":"2017-12-29T18:58:45","date_gmt":"2017-12-29T18:58:45","guid":{"rendered":"http:\/\/www.moldova.org\/en\/?p=445081"},"modified":"2017-12-29T18:58:45","modified_gmt":"2017-12-29T18:58:45","slug":"air-moldova-gets-75-million-lei-financial-assistance-stay-air","status":"publish","type":"post","link":"https:\/\/www.moldova.org\/en\/air-moldova-gets-75-million-lei-financial-assistance-stay-air\/","title":{"rendered":"Air Moldova gets 75 million lei as financial assistance to stay in air"},"content":{"rendered":"Reading Time: <\/span> 2<\/span> minutes<\/span><\/span>

The state-owned Air Moldova will benefit from a financial aid of 75 million lei (approx. 4,38 million USD) from the state enterprise of the Chi\u0219in\u0103u International Airport, reports Mold-Street<\/a>.<\/p>\n

The assistance was recently approved<\/a> by the Competition Council of Moldova with the aim to save the national airlines from failing to operate its flights. Air Moldova reportedly faces the problem of lack of financial resources, which causes the “slowdown of the company because of the impossibility of timely payment of the maintenance costs for the airplanes” and thus, delay of flights.<\/p>\n

Three big Moldovan banks- Victoriabank, Moldova-Agroindbank and Mobiabanca,- informed Air Moldova about it not meeting the capital sufficiency criteria set by the National Bank for loan beneficiaries.<\/p>\n

Only in the first 8 months of 2017, Air Moldova has a record of net losses worth 111,5 million lei, having its capital worth -2,9 million lei (minus 2,9 mil). The Competition Council found out that the losses have increased since 2013- from 604,6 million lei to 1,12 billion lei in August 2017. The management of the Moldovan airlines did not give an explanation for the company’s losses.<\/p>\n

The respective Council motivated that closing down Air Moldova would seriously damage the air traffic to EU and CIS destinations, adding that the next competitor, Wizz Air, is not able to fill in the gap.<\/p>\n

After 6 months, the Economy and Infrastructure Ministry (who proposed the given assistance), together with the Agency for Public Property, Aeronautic Civil Authority, and the Chi\u0219in\u0103u International Airport, will have to present either a restructuring plan or one of dissolving Air Moldova. Previously, Economy Minister Octavian Calm\u00eec declared that Air Moldova is not be privatized until 2019.<\/p>\n

Air Moldova operates flights to 29 destinations:\u00a0Athens, Barcelona, Bologna, Brussels, Bucharest, Dubai, Dublin, Florence, Frankfurt, Istanbul, Krasnodar, Larnaca, Lisbon, London, Madrid, Milano, Moscow, Paris, Rome, Venice, Verona, Vienna, Sankt-Petersburg and Torino, plus the 5 season flights \u2013 Antalya, Heraklion, Tivat, Corfu and Zakynthos.<\/p>\n","protected":false},"excerpt":{"rendered":"

Reading Time: <\/span> 2<\/span> minutes<\/span><\/span>The state-owned Air Moldova will benefit from a financial aid of 75 million lei (approx. 4,38 million USD) from the state enterprise of the Chi\u0219in\u0103u International Airport, reports Mold-Street. The assistance was recently approved by the Competition Council of Moldova with the aim to save the national airlines from failing to operate its flights. Air […]<\/p>\n","protected":false},"author":6,"featured_media":444327,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[35],"class_list":["post-445081","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","tag-important"],"content_social_share":"Reading Time: <\/span> 2<\/span> minutes<\/span><\/span>

The state-owned Air Moldova will benefit from a financial aid of 75 million lei (approx. 4,38 million USD) from the state enterprise of the Chi\u0219in\u0103u International Airport, reports Mold-Street<\/a>.<\/p>\n

The assistance was recently approved<\/a> by the Competition Council of Moldova with the aim to save the national airlines from failing to operate its flights. Air Moldova reportedly faces the problem of lack of financial resources, which causes the “slowdown of the company because of the impossibility of timely payment of the maintenance costs for the airplanes” and thus, delay of flights.<\/p>\n

Three big Moldovan banks- Victoriabank, Moldova-Agroindbank and Mobiabanca,- informed Air Moldova about it not meeting the capital sufficiency criteria set by the National Bank for loan beneficiaries.<\/p>\n

Only in the first 8 months of 2017, Air Moldova has a record of net losses worth 111,5 million lei, having its capital worth -2,9 million lei (minus 2,9 mil). The Competition Council found out that the losses have increased since 2013- from 604,6 million lei to 1,12 billion lei in August 2017. The management of the Moldovan airlines did not give an explanation for the company’s losses.<\/p>\n

The respective Council motivated that closing down Air Moldova would seriously damage the air traffic to EU and CIS destinations, adding that the next competitor, Wizz Air, is not able to fill in the gap.<\/p>\n

After 6 months, the Economy and Infrastructure Ministry (who proposed the given assistance), together with the Agency for Public Property, Aeronautic Civil Authority, and the Chi\u0219in\u0103u International Airport, will have to present either a restructuring plan or one of dissolving Air Moldova. Previously, Economy Minister Octavian Calm\u00eec declared that Air Moldova is not be privatized until 2019.<\/p>\n

Air Moldova operates flights to 29 destinations:\u00a0Athens, Barcelona, Bologna, Brussels, Bucharest, Dubai, Dublin, Florence, Frankfurt, Istanbul, Krasnodar, Larnaca, Lisbon, London, Madrid, Milano, Moscow, Paris, Rome, Venice, Verona, Vienna, Sankt-Petersburg and Torino, plus the 5 season flights \u2013 Antalya, Heraklion, Tivat, Corfu and Zakynthos.<\/p>\n

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