Doubt over Jat debt plan

Economic analyst Miša Brkić does not share Prime Minister Mirko Cvetković’s optimism as far as getting Jat Airways out of debt is concerned.

Izvor: B92

Sunday, 04.04.2010.

11:09

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Economic analyst Misa Brkic does not share Prime Minister Mirko Cvetkovic’s optimism as far as getting Jat Airways out of debt is concerned. “It is good that the state decided to let go of Jat, because it showed that it is not capable of running such a company,” Brkic said. Doubt over Jat debt plan “I think that Jat will not be able to cover all its losses with its property. When a company goes into bankruptcy, then the creditors are given money from the amount that already exists, there is not money for everything else, and then the creditor get shorted. Unless the state decides to pay what is owed to the creditors, in which instance it would be paying from the budget,” Brkic said. He said that the state can, but does not have to leave part of Jat’s ownership for itself, adding that the citizens care about having cheap flights and safe planes more than they care about who owns the company. The decision to sell the company is seen as a good one by economic analyst Ruza Cirkovic as well. “A million euros needs to be invested in that company just to get it working. I do not believe that Jat is in good shape. But it is easier to sell it without debts. We made the debts, rather, the government with the scandalous way it led the company,” she said. Two years ago, the government tried to sell 51 percent of Jat’s ownership for EUR 51mn. The tender fell through because no one wanted to participate in it, even though Russian Aeroflot was said to have shown interest. There has also been talk that Jat is negotiating a strategic partnership with Turkish Airways, and there was also speculation that the Marbo factory, which makes chips and snacks, could buy the national air travel company. (FoNet archive)

Doubt over Jat debt plan

“I think that Jat will not be able to cover all its losses with its property. When a company goes into bankruptcy, then the creditors are given money from the amount that already exists, there is not money for everything else, and then the creditor get shorted. Unless the state decides to pay what is owed to the creditors, in which instance it would be paying from the budget,” Brkić said.

He said that the state can, but does not have to leave part of Jat’s ownership for itself, adding that the citizens care about having cheap flights and safe planes more than they care about who owns the company.

The decision to sell the company is seen as a good one by economic analyst Ruža Ćirković as well.

“A million euros needs to be invested in that company just to get it working. I do not believe that Jat is in good shape. But it is easier to sell it without debts. We made the debts, rather, the government with the scandalous way it led the company,” she said.

Two years ago, the government tried to sell 51 percent of Jat’s ownership for EUR 51mn. The tender fell through because no one wanted to participate in it, even though Russian Aeroflot was said to have shown interest.

There has also been talk that Jat is negotiating a strategic partnership with Turkish Airways, and there was also speculation that the Marbo factory, which makes chips and snacks, could buy the national air travel company.

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