BRA - Braathens Regional Airlines (Stockholm Bromma) has completed its restructuring that it started last October, the airline announced in a press release.
Several actions were taken to increase profitability, it said, while existing shareholders invested a further SEK114 million kronor (USD11.1 million) in the company to help with the process, which is similar to Chapter 11 in the United States. The restructuring plan had been approved by creditors and Solna District Court on February 16.
The virtual carrier charters its aircraft through AOC holder BRA - Braathens Regional Airways (TF, Trollhättan) and obtained a second AOC in January 2023 under the name Braathens International Airways (TT, Stockholm Bromma), which specialises in charter flights for tour operators. The company said that following the reconstruction it will focus on three business areas: domestic flights in Sweden, charters, and ACMI.
BRA operates about 20 Swedish domestic routes with Bromma as its main base. Charters are run on behalf of tour operators such as Apollo and Ving while the company’s most prominent ACMI deal is a one-year agreement with Austrian Airlines (OS, Vienna) for flights in and around Austria.
The carrier now plans a fleet of 21 aircraft, namely fourteen ATR72-600s, four A319-100s, and three A320s, it said in its statement. The ch-aviation fleets module shows the fleet currently consists of 17 aircraft - four A319s and thirteen ATR72-600s.
“BRA is now well placed to continue preserving the aviation infrastructure and accessibility in Sweden, while actively pushing on with our important sustainability work,” said Per G Braathen, BRA’s owner and chairman.
In January, BRA asked the Swedish courts to extend its restructuring by three months. The company previously filed for bankruptcy protection in April 2020 and halted its operations but relaunched in October 2020.
