DALLAS – Troubled Air Moldova (9U) has announced that it has suspended all flights and ticket sales as of May 2, 2023. It is now seeking court approval for the accelerated restructuring of the company.
In a press release, the airline said that the flight suspensions would be in effect for up to three days after the court approves the restructuring process. The airline has proposed an action plan that it hopes will keep it out of bankruptcy, resolve its existing issues and attract new investment.
“Investors are ready to invest around US$50m in Air Moldova. These investments would help solve the company’s financial problems and replenish its fleet,” the airline said.
Court Approval Needed
However, these investments can only be made with the courts approving the airlines restructuring. This is due to the increased risk of an attack by existing creditors. If approval is granted, then Air Moldova stated it will be able to recommence operations and ticket sales.
Following this announcement, the Moldovan Civil Aeronautic Authority (CAA) has urged passengers to claim their rights and submit requests for refunds on unused tickets.
Tension has been growing between the CAA and 9U for some time. In March, the airline said it had been the target of “a premeditated denigration campaign aimed at bankrupting the company.” It added that the CAA had interfered with the company’s commercial activity and abused the airline’s day-to-day running.
Featured Image: Air Moldova (ER-ECB) Embraer E190LR. Photo: Alberto Cucini/Airways.