A proposal for a compromise has been accepted in the bankruptcy proceeding of the Estonian carrier Avies AS and the company is planning to restart its business within a couple of months at most, according to owner and CEO Allan Soll.
"We hope to have the company up and running in a month, maybe a little longer," Soll told BNS on Thursday. He said that Avies wishes to restore its functionality as an organization and is also on the lookout for new managers.
"Once accomplish that, we will start putting together an action plan," he said.
Soll declined to go into specifics when asked about about the carrier's plans, however.
"We are developing a project for which there seems to be demand on the market," said the owner of the airline. "We hope to come out with this plan in the coming few months." He noted that the business the company was planning had to do with corporate and charter flights.
While declining to give any numbers, Soll also added that hiring is on the agenda as well, noting only that aviation is a labor-intensive business.
The airline owner would not offer any details regarding the compromise agreement or the bankruptcy proceeding itself, pointing out that Avies was currently an ordinary private company with no valid public service contracts. He said that the company's financial standing is such that it is ready for new challenges.
Soll did not rule out the possibility that Avies may take part in tenders for public passenger service contracts in the future, but this was no longer the company's focus.
Priit Piilmann, core shareholder of Viru Keemia Grupp (VKG), previously held a stake in Avies Holding, the parent company of the Estonian airline. In 2016, however, Piilmann's company OÜ Tristen Trade sold its holding in AS Avies Holding and wrote off the loans issued to AS Avies and AS Avies Holding.
Avies currently belongs to Soll, the company's CEO.
Editor: Editor: Aili Vahtla