To big to fail – bailout of the Adriatica.net group
According to the newspaper National.hr, a secret bailout plan for Croatia’s largest tour operator Adriatica.net group is currently being finalised and will be made public in the nearest future.
Apparently the tour operator has over the years collected a debt of close to 40 mio. Euro, do to the economical crises, there is no option for the company to recover on its own, as it already have problem paying the employees salaries.
According to National.hr the Croatian Prime Minister Jadranka Kosor has apparently approved the bail out plan, in which a number of goverment owned companies will play a key role.
If Adriatica.net group would have to file for bankruptcy, I would mean the loss of thousands of jobs in the tourist sector which currently is not what the government needs.
Read the full story on National’s page here:
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