The next few days and weeks are likely to be crucial for the future of Marabu partner Nordica, because not only is the company in massive financial trouble, but the Estonian government is ruling out financial aid. They want to sell the company if possible. 

If no buyer can be found, Nordica will be wound up as part of insolvency proceedings. The carrier has incurred such high losses this year that its financial resources have almost been used up. A few weeks ago it was denied that there was a risk of bankruptcy. Management is now also warning about the precarious financial situation. However, the state-owned company cannot hope for financial help from the government because it no longer wants to finance its aviation activities. 

Nordica was launched as a successor following the collapse of Estonian Air. At first they were purely a virtual carrier. The flight operations were initially carried out by Adria Airways and then by its sister company Xfly, which was then called Regional Jet. In the meantime there was also cooperation with the Polish Lot, which was also a minority shareholder at times. This was dissolved a long time ago. 

Nordica should actually be positioned as a scheduled airline. Therefore, the company obtained its own AOC. Wetlease and ACMI activities should remain with sister company Xfly, which is considered profitable. However, the management took a different approach and fleeted the Airbus A320 and decided to cooperate with the Condor sister company Marabu. They were obviously massively overwhelmed with this. This resulted in significant delays and cancellations at Marabu. Significant costs also had to be borne for this. The sum of the wrong decisions led to the financially tense situation that Nordica currently finds itself in. 

Added to this is the fact that the poor performance at Marabu has apparently ruined its reputation. According to official information, there are massive difficulties in landing new ACMI and charter orders. The order books are literally empty. Now Nordica is hoping that a buyer will be found. Initial discussions with potential investors are already underway. 

The government's message is pretty clear: they want to get rid of Nordica. If no one can be found to buy the carrier, bankruptcy and closure will follow. Time is therefore of the essence, because the state will not provide any kind of bridging loan. It is currently planned that the entire Nordic Aviation Group, including Xfly, will be sold in one piece. However, the government is also open to breaking it up. In any case, they want to end aviation activities under state leadership.