The flag carrier of Slovenia, Adria Airways declared bankruptcy and ceased operations in 2019 after 60 years of service.
Following the airline's collapse, Slovenia’s Civil Aviation Agency sold many of its assets to cover as much of the remaining debt.
The Air Operator Certificate (AOC) was purchased by businessman Izet Rastoder during the auction for $54,000.
The Civil Aviation Agency provided time to resolve the license discrepancies including an extension later on the basis of COVID19.
However as Izet Rastoder failed to resolve issues with the AOC in the given time, the CAA refused to provide another extension, and the AOC was revoked.