Italy’s Blue Panorama granted creditor protection

Blue Panorama Airlines (BV, Rome Fiumicino) has been granted protection from creditor claims pending the drafting of an acceptable restructuring plan, Court of Milan documents seen by ch-aviation reveal.

In a court session on November 4, the details of which were made public on November 8, Judge Pascale Guendalina granted Blue Panorama Airlines S.p.A. a term of up to February 28, 2022, to present either a definitive proposal for an arrangement with the company’s creditors or an application for official approval of a debt restructuring agreement.

The airline applied for creditor protection two weeks ago under Italian insolvency law after its licences were suspended over cashflow concerns.

According to its latest approved financial statements, the company’s assets currently total around EUR124 million euros (USD142 million). On this basis, the court appointed two judicial commissioners, Claudio Ferrario and Salvatore Sanzo, and tasked them with supervising the company in conducting the above activities by the required deadline.

The company was also instructed to, within 15 days, deposit the sum of EUR22,700 (USD26,000) to pay for the services of the judicial commissioners and to bear any other costs related to the proceedings. It was also told to deposit an “updated financial situation” of the company with the Italian Business Register together with a list of all significant transactions made since the last financial report.