Slovenia's Adria Airways Grounds Flights Due to Shortage of Cash

Slovenia’s Adria Airways has cancelled almost all of its flights for Tuesday and Wednesday, potentially affecting around 3,700 passengers, because it has been unable to access cash to continue flying, it said on Tuesday, Reuters reported. “The company is at this point intensively searching for solutions in cooperation with a potential investor. The goal of everyone involved is to make Adria Airways fly again,” it said in a statement. Adria Airways is the latest in a long line of small European airlines to run into financial trouble amid industry overcapacity, cut-throat competition and high fuel prices. Travel firm Thomas Cook collapsed this week, while Germania, Flybmi and Iceland’s WOW have all failed this year. Regional operator Flybe’s sale to a Virgin Atlantic-led consortium narrowly averted its collapse. Read more