The Romanian state took over 75% of the shares of low-cost airline Blue Air, Daniel Geantă, the head of the Authority for the Administration of State Assets (AAAS), confirmed for Economica.net.

"We have problems accessing the documents, and there are certain delays [in the takeover process] because the documents we request are not made available to us," Daniel Geantă explained.

He also said that an investor from the United States is interested in taking over Blue Air but has one condition – which the head of AAAS does not believe can be met.

"One of the requirements is that the insolvency proceeding, if it were to go into insolvency, is to move and litigate under US bankruptcy law, New York state Chapter 11, the AAAS official explained.

In a statement dated November 18, Romanian private airline Blue Air announced that it took immediate steps to invite AAAS to the general shareholder meeting and take over the 75% stake it is entitled to. "We have insisted for the state to execute the guarantees [related to the EUR 60 mln rescue aid] for the past 13 months," the company's representatives stressed.

andrei@romania-insider.com

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