Wednesday, 17 December 2014

UTair should not count on governmental support

UTair should not count on governmental support


According to Alexander Neradko, head of the Federal Air Transport Agency (Rosaviatsiya), governmental support for Russian air carriers, including UTair Company, is not susceptible to debate. As stated by Lenta.ru, Alexandr Neradko has informed that carriers should rely on their own efforts to reduce costs in the current market conditions.
Recently, numerous lawsuits have been filed against the company, including four claims filed from Alfa Bank and a petition filed by Avia-leasing to declare UTair bankruptcy. By the end of November, 2014, court has decided to take into custody 8 of UTair's Mi-8 helicopters, and company’s financial accounts, because the total debt has reached more than $1.1 billion. Despite these events UTair rejected the claimed bankruptcy.
A consultative group was formed in order to improve company’s financial and economic situation. The group consists of UTair’s largest shareholder ("Surgutneftegaz") and government of Tyumen. The consultation groups will meet to work out a package of measures to restructure the airline’s debt together with federal agencies, creditors and potential investors. 
Source and image: Lenta.ru

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