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Supervisory procedure commenced against airline after ceasing operations

17:06 12/10/2011

MOSCOW, October 12 - RAPSI, Sergei Feklyunin. A commercial court commenced a supervisory procedure against the Continent airline, the Russian Legal Information Agency (RAPSI) reported from the court on Wednesday.

Continent was established in 2007. It conducts regular and charter flights using Tu-154 planes to Moscow (Vnukovo), Krasnoyarsk, Yekaterinburg, Samara, Norilsk, Sochi, Anapa, Krasnodar, Chelyabinsk, Kemerovo, and Abakan.

Continent suspended its flights after falling millions of rubles into debt. As of July, the company owed $1.024 million to various Russian airfields. Hundreds of passengers across several Russian towns found themselves unable to fly after the company ceased operations.

According to Continent, its liabilities amount to $7.87 million, while its receivables stand at $3.71 million. Part of the receivables can be recovered, the company added.

Some 46 of Continent's lawsuits against debtors are pending resolution with the Moscow Commercial Court. The court has already decided to award the company $160,000 in one of the lawsuits.

The company's wage arrears amount to $1.5 million. Additionally, the company has to return money for tickets to passengers.

Continent said there are no funds on the company's accounts and it has no assets.

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Supervisory procedure commenced against airline after ceasing operations

17:06 12/10/2011 A commercial court commenced a supervisory procedure against the Continent airline.
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