As reported by the Estonian public radio and television sender of ERR.EE, At the end of January 2025, the District Court in Harju declared bankruptcy of the Nordic Aviation Groupand the claims were initially estimated at EUR 34 million. Until the end of March, when the final date of making claims was, this amount increased more than twice.
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Nordica for the first time declared bankruptcy in November 2024. After the attempts to introduce the airline on the stock exchange ended in failure. In the first half of 2024, the company suffered losses of over EUR 8 million.
“The total amount of claims submitted in the Nordica proceedings amounted to EUR 85 million. This amount increased mainly due to claims of damages resulting from various violations of the contract, “explained one of the Nordica's bankruptcy trustee, Tarmo Peterson, a partner at the legal company of Rask, whose words are cited by the Estonian ERR.EE website.
Peterson added that The final amount depends on how much it is possible to recover from the bankruptcy proceedings of regional jetwhose claims constitute a large part of the amount.
A sharp increase in claims after the fall of popular airlines
The aforementioned trustee explained that Regional Jet has claims of around 30 million euros. “The reason that it increased so much is the fact that many claims made as part of the bankruptcy of Nordica were partly transferred to the bankruptcy of regional jet. In addition, Nordica paid deposits to various partners, but the chances of recovery are relatively small” – explained Tarmo Peterson in an interview with ERR.EE.
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One of the trustee also noted that The amount of EUR 85 million “certainly cannot be treated as the final amount” Nordica bankruptcy.
At the time of declaration of bankruptcy Nordica, the confidants estimated assets at about 400 thousand. eurodivided into cash and movable property. Auctions have been announced, but no transactions have been concluded yet. Peterson also noted that the Kredex state credit agency has priority in satisfying Nordica's claims as a secured creditor.
The largest creditor Nordica is another state -owned company, transport Varahaldus, with a claim of EUR 36 million. Next is the Wilmington (17.6 million euros) lessonist, followed by Marabu Airlines Oü (EUR 10.7 million).
