Adria Airways has announced it has officially filed for bankruptcy, ending 58 years of service. In a statement, the company said, "On Monday, September 30, 2019, Adria Airways filed a motion for bankruptcy proceedings of the company at the Kranj District Court. Bankruptcy proceedings were initiated by the management of the company because of the company’s insolvency and based on the Slovenian Financial Operations, Insolvency Proceedings, and Compulsory Dissolution Act (ZFPPIPP) which obligates the management of a company in the position of Adria Airways to file for bankruptcy proceedings of the company. The court has a three-day statutory period within which it shall decide on the opening of bankruptcy proceedings. The company announces that it will cancel all scheduled flights due to initiation of bankruptcy proceedings".

The Slovenian Minister for Economic Development and Technology, Zdravko Počivalšek, said the government was considering establishing a new national carrier to improve Slovenia’s international connectivity after Adria’s collapse. However, he noted this process would take some time and would require a firm partnership with Lufthansa, as well as political consensus in the country. Over the past week, Adria has cancelled more than 400 flights affecting over 15.000 passengers. The company's demise sees 558 employees left without jobs. Adria Airways operated the last revenue flight with its own aircraft and crew from Copenhagen to Ljubljana on September 23. Its overall final service was a charter from Paris to Ljubljana on September 30, carrying Slovenia's men's Volleyball team, who had just become runners-up at the European Championships.

Adria Airways was purchased by the Munich-based turnaround fund 4K Invest in 2016 for a mere 100.000 euros through its subsidiary AA International Holding. Under its motto “We fix it”, 4K Invest said in 2016, “Adria Airways will make good connections available for business customers and offer attractive ticket prices for tourists. It will continue to serve the markets of Slovenia, Albania, Kosovo and Macedonia, connecting these countries with the world through the Star Alliance network. We intend also to grow in Estonia, a new market the airline entered in November 2015”. However, since then, Adria left Estonia and its passenger numbers from Kosovo have seen a notable decline. Earlier this year, the fund said there was no room for growth in Slovenia due to the small size of the market. In 2017, AA International Holding acquired Etihad Airways’ upscale Swiss arm Etihad Regional. The investment proved futile and the company folded shortly after. The circumstances surrounding its collapse are still under investigation by Swiss authorities. Since Adria's bankruptcy announcement this afternoon, 4K Invest shut down its website.

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