The restructuring plan that BRA has been working on since October 19th was approved by the creditors and decided in Solna District Court on February 16th. The judgment has now become legally binding. The purpose of the restructuring has thus been achieved and the company has created long-term sustainable financial conditions to secure its operations. This pleasing news means that BRA is now putting the restructuring behind it and returning to normal operations.
"The fact that we have reached the goal of the corporate reconstruction is very pleasing news for customers, employees and partners who have been both supportive and patient through this process. We now look forward to continuing our important work of offering more sustainable, punctual travel opportunities with high service, both domestically in Sweden and throughout Europe together with tour operators and other partners," says Ulrika Matsgård, CEO of BRA.
During the reconstruction process, BRA has had a strong focus on developing and improving the business and strengthening the long-term financial conditions. Both customer and supplier agreements have been renegotiated, while measures to strengthen profitability have been initiated. In addition, the owners are contributing new share capital of SEK 114 million.
We are proud to have flown passengers and contributed to keeping the whole of Sweden alive for over 25 years – the ambition is to continue doing so for at least another 25 years. BRA now has very good opportunities to continue preserving the aviation infrastructure and accessibility in Sweden, while actively driving our important sustainability work forward. I would like to extend a warm thank you to everyone who has supported us in this process, says Per G. Braathen, chairman and owner of BRA.
After the reconstruction, BRA will focus on three business lines: 1) Domestic flights where BRA has around 20 routes with Bromma Airport as its main base. In the first two months, passenger growth was +6 %. 2) Charter traffic on behalf of tour operators such as Apollo and Ving, flying travelers from Sweden, Norway, Denmark and Finland down to southern Europe as well as Egypt and the Canary Islands. 3) Manned flights for other airlines (ACMI) where BRA recently entered into an agreement with Austrian Airlines, which is part of the Lufthansa Group, for flights in and around Austria.
I am pleased to announce that BRA's reconstruction has been successfully completed. The company has implemented several measures to create financial stability, and in combination with sound business operations, I see good conditions for BRA to drive and develop the business forward, says Nils Åberg, Restructuring Officer.
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The plan for the aircraft fleet is 21 aircraft, of which 14 are ATR72-600s, four A319s and three A320s.
BRA has been ranked highest in external surveys year after year regarding hospitality, customer service and punctuality. The company is a pioneer in sustainability work, for example, BRA was the first airline in the world to be environmentally certified and to offer its passengers bio flight tickets.
