July 6, 2020 / 3:33 PM / in a month

Romanian Blue Air to enter preventive debt restructuring procedure

BUCHAREST, July 6 (Reuters) - Romanian low cost air carrier Blue Air

* Says will enter a debt restructuring preventive agreement with its creditors to ensure it can prioritise the cost of its scheduled flights after a state of alert ends in Romania on July 16, as the coronavirus pandemic wreaks havoc on tourism and business travel.

* Says the procedure is part of its restructuring strategy as its sales during March-June were 100 million euros ($113.06 million) below expectations.

* Says once normal flight schedules resume, it will generate within 18 months the necessary income to make its restructured debt payments as well as reimburse passengers and travel agencies.

* Says will cover direct losses generated by the pandemic with state aid agreed with the government in April. ($1 = 0.8845 euros) (Reporting by Luiza Ilie; editing by Radu Marinas)

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