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Aeroflot’s $34.7 mln lawsuit against Transaero to be heard in November

11:45 15/09/2017

MOSCOW, September 15 (RAPSI) – The Commercial Court of St. Petersburg and Leningrad Region will review Aeroflot airline’s lawsuit, seeking to recover over 2 billion rubles (about $34.7 million) from bankrupt Transaero air carrier, on November 16, the court’s documents read on Friday.

On September 13, the court declared Transaero bankrupt. The court initiated the bankruptcy proceedings for a term of six months.

Earlier, the Thirteenth Commercial Court of Appeals has upheld inclusion of 28.2 billion rubles (about $489 million) debt to six foreign airlines in the list of creditors’ demands list.

Transaero found itself unable to pay its debts valued at 250 billion rubles (about $4 billion) in 2015. Government-approved plan of transferring 75% of company’s shares to Aeroflot failed. Its problems resulted in a large number of flight cancels and delays.

In October 2015, Sberbank and Alfa Bank filed bankruptcy petitions against the troubled airline. The Commercial Court of St. Petersburg and Leningrad Region initiated bankruptcy procedure against Transaero on December 16.

On November 17, 2016, Transaero filed an application with the Commercial Court of St. Petersburg and Leningrad Region seeking to drop the case. Transaero managers submitted the company’s business resumption plan. The airline’s management headed by Director General Alexander Burdin analyzed alternatives which could make it possible to return money to creditors via relaunching the airline on the base of its assets.

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Aeroflot’s $34.7 mln lawsuit against Transaero to be heard in November

11:45 15/09/2017 The Commercial Court of St. Petersburg and Leningrad Region will review Aeroflot airline’s lawsuit, seeking to recover over 2 billion rubles (about $34.7 million) from bankrupt Transaero air carrier, on November 16.
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