ERR reported Tuesday evening that the privatization of Nordica might be delayed because aviation company Marabu placed a court injunction on Nordica's shares, resulting in the company's assets being seized. Marabu's financial claim against Nordica amounts to €9.5 million.

In a statement sent to the press on Tuesday, Nordica noted that, to their knowledge, the only assets seized by the court are shares of Regional Jet OÜ owned by Nordic Aviation Group, with a nominal value of €2,700.

Nordica's statement emphasized that Marabu's airline operation would not have been possible without the support of Nordic Aviation Group, and Nordica played a decisive role in enabling Marabu to start operations in May 2023.

"We also wish to highlight that Marabu has faced significant issues in getting their service operational, many of which were not at all related to Nordica. The post-Covid period of 2023 led to a very rapid intensification of global flight operations, affecting many airlines. Problems included later-than-expected delivery of aircraft, issues with the availability of both spare parts and flight crews, and a lack of sufficient engineering competence in maintenance," remarked the state-owned Estonian aviation company.

According to Nordica, they have been in discussions with Marabu about terminating their cooperation over the past few months, with Marabu last utilizing Nordica's support services in February.

"As of today, these discussions have not led to a satisfactory outcome for both parties, including the last proposal made by Nordica. We have not received any official claim, and we consider it against good business practices to be informed of such a claim through the media, including the use of incorrect factual statements," Nordica announced.

Marabu representative: Almost four million seized

Marabu's representative, Sorainen's attorney at law Marcus Niin, stated that Nordica's claim that only €2,700 related to Regional Jet was seized is not true, as nearly four million euros have been seized.

"The court seized part of the company and assessed its balance sheet value, according to the company's own report, at €3.734 million, and is willing to release the company's part from seizure if Nordica transfers this amount to a bank account specified by the court for securing the claim," Niin noted.

He added, "Of course, the company's value is not €2,700, but much more – there are over 200 employees, the business turnover was €76 million, and assets worth €52 million."

Marabu explained that last year, the newly established Estonian company entered into a cooperation agreement with the national aviation company Nordica and its subsidiary Xfly. According to this agreement, Nordica was to provide aviation services to Marabu. Additionally, Nordica was obligated to operate scheduled flights with three Airbus aircraft, ensuring their crew, maintenance, and insurance.

"Unfortunately, Nordica either failed to perform many of these flights or was late to them, resulting in significant damage to our client. /.../ Due to Nordica's actions, Marabu incurred damages of nearly nine and a half million euros," Niin explained.

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