Last week, several bids were received to buy the Estonian state-owned Nordic Aviation Group (NAG). The Climate Ministry is reluctant however, to say exactly how many bids who made and by whom.

"As far as the privatization of Nordica is concerned, we can say that there were several bids from European companies," Sander Salmu, deputy secretary general for transport at the Ministry of Climate, told ERR.

Negotiations are now due to go ahead, though the ministry did not say how long that process might take.

"The aim is to finalize the privatization process as soon as possible. The pace will depend on how long the negotiations take," said Salmu.

The Ministry of Climate added that for the sake of the negotiations, the content of the bids received and any other related details could not be disclosed.

The Estonian government approved the transfer of state-owned shares in the Nordica Aviation Group (NAG) at the end of February, and gave the ministry the go-ahead to transfer 100 percent.

Nordica has made heavy losses, and has also been taken to court by Estonian registered airline Marabu, claiming damages of €9.5 million. Salmu said that this does not affect the company's privatization plans.

A special audit also found that Nordica's financial difficulties were due to mismanagement.

The Nordic Aviation Group (NAG) consists of the airlines Nordica and Xfly, along with consultancy firm Nordic Aviation Advisory OÜ. The group is owned entirely the Estonian state.

NAG was founded in October 2015. At that time, its main objectives were to ensure flight connections from Tallinn, provide competition in the aviation market and to operate in a commercially sustainable manner.

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