A special audit into the bankruptcy of Nordica (Estonia) has uncovered governance failures, citing shortcomings in both the management and supervisory boards that contributed to the airline’s financial collapse. The findings highlight internal mismanagement as a key factor in the carrier’s downfall.
Nordic Aviation Group, a key player in Estonia’s aviation sector, has been declared bankrupt by the Harju County Court. The ruling is subject to immediate enforcement, marking a significant development for the airline and its stakeholders.
Marabu, an Estonian-based carrier, has announced plans to close its Munich base in summer 2025 as part of a strategic shift to manage rising operational costs and address challenges related to wet-leased aircraft availability. The airline will also scale back flights from Stuttgart and Cologne while concentrating its operations on Hamburg, Leipzig/Halle, and Nuremberg.
Magnetic Engineering (Estonia) has achieved a significant milestone by receiving approval to issue Permits to Fly. This development enhances the company’s capability to support its clients in obtaining permits for aircraft that lack a valid Airworthiness Review Certificate (ARC) but are safe to operate under predefined conditions.
Nordica, Estonia’s national airline, has announced its decision to close operations and file for bankruptcy. The move follows the withdrawal of potential investor Lars Thuesen from a critical funding deal. This marks a significant setback for the carrier, which had been seeking financial support to sustain its operations.
