Estonia to recoup €25 million from Nordica's former aircraft lessor
The liquidation of state-owned aircraft lessor Transpordi Varahaldus will put €25 million into Estonia's budget next year following the shutdown of bankrupt airline Nordica.
The government is expected to authorize Infrastructure Minister Kuldar Leis (Reform) to wind up Transpordi Varahaldus in the coming weeks, following its July decision to liquidate the company, which leased aircraft to bankrupt airline Nordica.
The company's seven aircraft and spare parts have been sold, it has no outstanding debts and its bank accounts hold €25 million. Leis said the money will go to the State Treasury, but its eventual use will remain up to the Ministry of Finance.
"It's yet unclear how that money will be used, as that decision rests with the Finance Ministry, which manages the state's cash flow," he explained. "The money won't come with a label attached."
Transpordi Varahaldus also has claims of €35.7 million against Nordica and €27.5 million against its subsidiary Regional Jet, both of which are bankrupt.
Leis said the state will retain these claims and continue seeking repayment until both bankruptcy proceedings are concluded. The claims will be transferred to the state as part of the liquidation, with either the Finance Ministry or the Climate Ministry responsible for managing them.
"We have no intention of giving up these claims," he said. "The state will continue pursuing repayment itself."
According to the minister, the liquidation process is expected to take nine to 12 months, involving routine legal procedures.
Last flight
Nordica ceased operations in March when the last of its seven 88-seat Bombardier CRJ900NG jets departed Tallinn Airport. The aircraft, owned by state-run Transpordi Varahaldus, had been sold to U.S.-based Regional One last June.
The planes had been leased to Nordica subsidiary Regional Jet. Both companies filed for bankruptcy in November 2024, with Nordica declared bankrupt in January 2025 and Regional Jet, which operated under the Xfly brand, following a month later.
Nordica launched in 2015, ahead of the bankruptcy of Estonia's former flag carrier, Estonian Air. It flew under its own name from Tallinn until 2019, then shifted to subcontracting services. Transpordi Varahaldus also began operations in 2015.
--
Editor: Mait Ots, Aili Vahtla
