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Turkish Airlines to acquire majority stakes of JAT

by 15. March 2011 10:41
Turkish Airlines is planning to acquire major shareholdings in the Serbia’s JAT Airways, which is currently facing debts problem.

Last year, in November JAT appointed Deloitte a consultancy firm to choose an appropriate partner and also launch the new airline.

The airline is still to decide what and how much should be sold to the Turkish Airlines. A delegation will soon be visiting Serbia to take a final view on the shareholding issue.

Turkish Airline took over 49 percent stakes of BH Airlines in 2008.

The top officials of the two nations such as the Turkish Prime Minister Tayyip Erdogan and Serbian counterpart Mirko Cvetkovic have been into the discussion since last July regarding the potential partnership between the two airlines.

JAT Airlines has been fighting to overcome its debt since 2009 when it faced a loss of USD 1.97 million and also borrowed a handsome amount to renew the retiring fleet. In 2010, JAT sold its headquarters building to state landline operator Telekom Srbije.

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Tags: turkish airlines

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