Restructuring Strategy for JAT Airways

The Challenge

InterVISTAS supported the IFC’s effort to evaluate the airline and recommend the best option to restructure JAT. InterVISTAS’ overriding goal was to identify a corporate and operating structure that would maximize financial benefits to the Government and service benefits to the people of Serbia.

Our Role

InterVISTAS arranged and completed an in-depth interview process with JAT stakeholders including JAT executives, Government officials, international financial interests and oversight authorities. With this background, an exhaustive evaluation of the entire airline was conducted, including: finance/financial accounting, maintenance/MRO, sales/marketing, route structure, fleet and corporate governance. JAT’s strengths and weaknesses were first identified and then contrasted with what have become “state-of-the-art” airline operating procedures.


InterVISTAS worked closely with the IFC and legal counsel to recommend the most optimal method to recapitalize the carrier (including the spin-off of JAT’s in-house maintenance capabilities). InterVISTAS met with potential strategic investors (both for the airline and the MRO) to assess initial interest in public-private partnerships. Though InterVISTAS was faced with significant political, financial transparency and “hands-off” management issues, the recommendations issued were well received by the IFC.