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TALLINNState-owned Estonian carrier Nordica will terminate LOT Polish Airlines’ 49% ownership in its ACMI/charter subsidiary Xfly by the end of November, chief executive Erki Urva has told Estonian broadcaster ERR.


Nordica had to bring the external shareholding to an end in order to qualify for EUR30 million euros (USD35.5 million) in state aid. As previously reported, the Estonian government agreed in October to approve the increase in the carrier’s share capital together with the full renationalization of the airline.

“We have an agreement in place to terminate it in late November. The text of the contracts has been agreed on,” Urva said.

Tallinn wants all of Nordica’s subsidiaries to be owned exclusively by Nordica. An additional subsidiary, Transpordi Varahaldus - a lessor financed by privately-owned banks that owns four of the Xfly's CRJ900ERs and three of its CRJ900LRs - will soon merge with Nordica.

Xfly currently also leases two more of each aircraft type plus two CRJ700 Srs 701ERs, and eight ATR72-600s.#

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