Bankruptcy/Rehabilitation Process Started at Georgian Airways

Bankruptcy / Rehabilitation process started at Georgian Airways on December 31, 2021, the relevant application was registered by Georgian Airlines on the last day of last year.

The application was preceded by the December 29 ruling of the Tbilisi City Court. The same document shows that the airline owes more than 175 million GEL to various parties, while the value of its assets is only 21.4 million GEL.

Tbilisi City Court Judge Liana Kajashvili ruled on December 29, 2021, that COVID-19 and the closure of the border had put the airline in a difficult financial crisis and that it could no longer meet its obligations.

Accordingly, the start of the bankruptcy/rehabilitation process at Georgian Airways will be used to stabilize its financial performance, and during this period the company plans to continue flights to strategic destinations (Amsterdam, Tel Aviv and Minsk, as well as seasonal charters). At the same time, insolvency proceedings will protect the airline from multi-million dollar debt service.

The airline employed 275 people before the crisis.

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Bankruptcy/Rehabilitation Process Started at Georgian Airways

Last 7 Days Hot Topic

With the support of the International Visegrad Fund (IVF), a meeting was held in the city of Zugdidi within the framework of the ongoing project at the Energy Training Center of GNERC 01

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With the support of the International Visegrad Fund (IVF), a meeting was held in the city of Zugdidi within the framework of the ongoing project at the Energy Training Center of GNERC
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The EU Urges Georgia to Refrain from Adopting Legislation that can Compromise Georgia’s EU Path
02

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