Owners want to sell Georgian Airways for $150 million
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Georgian airline Georgian Airways is being sold for $150 million. The information is posted on the website of the Georgian Business Brokerage association.
The founder of the airline, Roman Bokeria, confirmed that he wants to attract a foreign investor to the airline. In his opinion, 50 percent of the company should be acquired by the Georgian government. A few days ago, Georgian Airways began the rehabilitation/bankruptcy procedure. The Tbilisi City Court issued a corresponding decision on December 29, obliging the carrier to develop a rehabilitation plan. The airline owed about 176 million lari ($56.8 million) to more than 16,000 passengers and 70 companies. According to the court decision, the financial crisis in the airline was caused by the coronavirus and the closure of borders, as a result of which the company was unable to pay the debt.
Airzena was established in September 1993, becoming Georgia's national carrier in 1999. In August 2004, Airzena was renamed Georgian Airways. Today Georgian Airways is a private company. It has Boeing 737, Embraer and CRJ aircraft at its disposal.
