Tuesday, 7 April 2020

BRA seeking reorganisation

Sweden-based airline BRA said on Monday it had applied for court-administered reorganisation as it sought to avoid bankruptcy after the rapidly spreading new coronavirus caused a collapse in demand.

The small privately held airline had said only days ago it was temporarily discontinuing all traffic between April 6 and May 31 due to the COVID-19 pandemic, of which there have been more than 6,000 confirmed cases in Sweden.

Applying for company reorganisation is a form of administration where a court appointee is charged with restructuring the firm with the aim of avoiding bankruptcy.




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