Adria Airways (Ljubljana) has completed the EUR4 million euro (USD4.6 million) recapitalisation by its owner 4K Invest, a German investment fund. The Slovenian carrier expects to receive the second tranche of the capital injection in the first quarter of 2019.
"The payment will be intended for further business development and growth of the Slovenian airline," Adria Airways said in a statement.
The second tranche will cover a EUR10 million euro (USD11.4 million) capital injection.
4K Invest committed to injection EUR10 million euros into Adria Airways in October 2018, followed by another commitment for EUR4 million euros in late November. Since then, the carrier has inked a Letter of Intent (LOI) covering the delivery of fifteen SSJ 100/95 aircraft from early 2019 and the establishment of a SSJ maintenance, repair, and overhaul facility at Ljubljana airport.