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About $3 mln recovered from Transaero in favor of Aeroflot

14:44 27/11/2017

MOSCOW, November 27 (RAPSI) – The Commercial Court of St Petersburg and Leningrad Region has collected about 172 million rubles (about 3 million) from bankrupt Transaero air carrier on a claim lodged by Aeroflot - Russian Airlines, according to court records.

Aeroflot filed a lawsuit against Transaero in May. The company demanded to recover over 164 million rubles plus penalty in payment for services under the contract signed on September 4, 2015. In accordance with the agreement, Russia’s largest air carrier assumed obligations to return money for unused tickets on Transaero flights to passengers. Aeroflot has concluded a subagent agreement with Sberbank for fulfilment of its responsibilities.

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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About $3 mln recovered from Transaero in favor of Aeroflot

14:44 27/11/2017 The Commercial Court of St Petersburg and Leningrad Region has collected about 172 million rubles (about 3 million) from bankrupt Transaero air carrier on a claim lodged by Aeroflot - Russian Airlines.
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