Blue Air Aviation S.A. has officially entered bankruptcy following a decision approved by its creditors and announced by Infinexa, the Romanian company appointed as judicial administrator. Infinexa, which specializes in restructuring and financing distressed businesses, cited the airline’s failure to secure a strategic investor and its mounting losses as key reasons for initiating the proceedings.
Despite efforts by both Blue Air’s management and its majority shareholder, the Authority for the Administration of State Assets (AAAS), no investor was found to inject the necessary capital to implement a reorganization plan, Infinexa announced. As a result, on June 2, 2025, the General Meeting of Creditors voted in favor of declaring bankruptcy.
Radu Tudor, Senior Partner at Infinexa and judicial liquidator of Blue Air, said the decision was driven by the need to stop continuous losses and protect creditor interests. “Bankruptcy is the fairest solution for protecting the interests of creditors in the current context and is intended to maximize the chances of debt recovery,” he stated.
The bankruptcy procedure provides a legal framework for liquidating Blue Air’s assets and settling debts, including unpaid salaries and outstanding obligations to the Ministry of Finance and tax authority ANAF. The company’s assets, which include two non-operational aircraft and five additional airframes, will be sold to recover funds, which will then be distributed to creditors.
Blue Air entered insolvency on March 22, 2023. The airline became state-owned after the Romanian government executed a guarantee granted to the company during the COVID-19 pandemic.
Founded in 2022, Infinexa manages EUR 200 million in assets and has served as judicial administrator for several major Romanian companies, including Vivre Deco, Hidroconstrucția, and Angst.
irina.marica@romania-insider.com
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