Carpatair was established in 1999 and started operations in February 1999 in Cluj-Napoca. The present title was adopted in December 1999 when Swiss and Swedish investors took a 49% stake in the company. The airline is owned by Romanian shareholders (51%) and Swiss and Swedish shareholders (49%)
The airline is an IATA member since 2006 and has recently successfully received its 5th IOSA (IATA Operational Safety Audit) registration. Carpatair employed 450 staff at March 2007. The current President and Chief Executive of Carpatair is Nicolae Petrov.
Carpatair filed for insolvency on 23 January 2014 with the aim to reorganize and continue normal operations.
~Romanian Law 85/2006, it is very similar to the US Chapter 11, providing the company a special legal status with the following forms of protection:
- Freezing debts accrued prior to the date of court approval of the application for insolvency protection (23.01.2014);
- Suspension of all court actions and of the enforcement against the company;
- Reorganization of activities as per the Reorganization Plan which will have to be approved by the creditors;
- The reorganization must be completed in three years, with one year extension in certain conditions;
- The right of self-administration; the management led by Nicolae Petrov, President & CEO, continues to function normally under the observation of the administrator appointed by the court.