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Court awards state-run corporation $77 mln in suit against major airline

16:45 28/09/2011

MOSCOW, September 28 - RAPSI, Sergei Feklyunin. A court awarded state-run Russian Technologies Corporation $77 million in its lawsuit against Moscow Airlines, the court told the Russian Legal Information Agency on Wednesday.

The Moscow Commercial Court passed its decision on September 16.

The court heard the case behind the closed doors and repeatedly postponed it. The airline said in March it sought to settle the dispute. The claimant also agreed to enter in the amicable agreement.

In 2008, the Russian Technologies Corporation served as guarantor for the loans granted by Gazprombank, VTB Bank, and the Bank of Moscow to Atlant-Soyuz. Russian Technologies repaid the loans on behalf of the airline and then sought to recover the debt from Atlant-Soyuz.

The Federal Air Transport Agency announced on January 14 that Moscow Airlines would cancel flights and stop operating after January 17, due to lack of financing.
Moscow Airlines was previously known as Atlant-Soyuz. The airlines shareholders decided to rename the company into Moscow Airlines on July 23, 2010.

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Court awards state-run corporation $77 mln in suit against major airline

16:45 28/09/2011 A court awarded state-run Russian Technologies Corporation $77 million in its lawsuit against Moscow Airlines.
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