The sale if successful would cover most of the state-owned firm's debts.

"Several offers have been received from various international companies. These include proposals for purchasing the entire fleet, partial purchases, as well as leasing options," Minister Svet told ERR.

Svet confirmed that several offers have been received from various international companies. ("Several offers have been received from various international companies. These include proposals for purchasing the entire fleet, partial purchases, as well as leasing options," Svet said.)

Harju County Court on January 28 officially declared the airline bankrupt, and initial estimates suggest that Nordica faces creditor claims of €34 million.

It has only €400,000 available to cover those claims however.

The insolvency process began after an interested investor withdrew from a privatization plan in November last year, leading Nordica's board to cease operations and file for bankruptcy for both Nordic Aviation Group (NAG) and subsidiary Regional Jet, on November 20.

However, according to Svet, offers have been made for the entire Nordica fleet as well as partial purchases and leasing options.

Svet had previously estimated the price of the aircraft at around €30 million, and now is reiterating that the forecasted price range appears to have been accurate.

Nordica's planes are owned by the state-owned Transpordi Varahaldus, and number seven, all of them 88-seat Bombardier CRJ900NG aircraft.

Offers for their purchase were open to submission until January 17 this year.

While Svet confirmed that several offers have been received from international companies, he noted that the offers are still under review, meaning specific details cannot yet be disclosed.

Svet emphasized that the state's priority is to sell the entire fleet as a job lot.

"Our priority is to sell the entire fleet at once, and we are moving in that direction to eliminate aircraft maintenance costs as quickly as possible and to generate the highest possible revenue for the state," Svet continued.

Transpordi Varahaldus leased the planes to Nordica, which then wet-leased them to its subsidiary Regional Jet, operating under the Xfly brand.

Transpordi Varahaldus is still comparing, analyzing, and refining the offers, Svet said, adding he hopes to be able to announce by mid-month how many offers were received, and which ones are the most favorable.

Svet also noted that efforts are being made to ensure that if the sale proceeds and meets the state's economic expectations, at least part of the revenue could be directed toward developing Tallinn Airport.

The aircraft owned by Transpordi Varahaldus had been leased to Nordica on a long-term basis, and Nordica, in turn, subleased them to its subsidiary Regional Jet, which operated under the Xfly brand. Regional Jet had provided internal domestic flights in Sweden.

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