Bankruptcy Claims Against Nordica Rise Sharply to €85 Million

The volume of claims against bankrupt Estonian state-owned airline Nordica has risen sharply since bankruptcy was declared last fall, reaching €85 million, News.err.ee reported. Most of Nordica's assets consist of a claim against its subsidiary, Regional Jet. When the Harju County Court declared Nordic Aviation Group bankrupt at the end of January, claims were initially estimated at €34 million. By the end of March—the deadline for submitting claims — that figure had more than doubled.
Estonia
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U.S. Transfers $50 Million in Forfeited Assets to Estonia for Help in Danske Bank Prosecution

The U.S. Justice Department said on Tuesday it will share $50 million in forfeited assets with Estonia in recognition of Estonia's assistance in the successful prosecution of Danske Bank and related forfeiture, Reuters reported. The bank became the subject of several investigations after an internal probe in September 2018 uncovered about 200 billion euros ($207 billion) of payments made through its now-shuttered Estonian branch, with many payments appearing suspicious.
United States
Estonia
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Estonia-Owned Nordica and Xfly to File for Bankruptcy After No Investor Found

The Republic of Estonia-owned Nordic Aviation Group AS (Nordica) and Regional Jet OÜ (Xfly) will cease operations after it was announced the companies will be filed for bankruptcy, Aerotime reported. It had been hoped that Lars Thuesen, the owner of Jettime, could potentially take the companies private but on November 18, 2024, Nordic Aviation Group, which runs Nordica and Xfly, were informed that he would not be investing. “Nordic Aviation Group and Xfly have gone through a challenging path over the past 15 months since the airline began its turnaround process in August 2023.
Estonia
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