MOSCOW, March 28 - RAPSI. The Ninth Commercial Court of Appeals has upheld the Moscow Commercial Court's decision to collect from Moscow Airlines over $18.3 million in debt, including $15.9 million in principal debt, under the state-run Russian Technologies Corporation's lawsuit against the company.
The court dismissed the airline's appeal against the trial court judgment and it entered into force.
The litigation proceeded behind closed doors. The Bank of Moscow acted as a third party. According to the case materials, the plaintiff repaid the defendant's liabilities under a loan agreement with the bank dated September 22, 2008. Russian Technologies sought the amount paid to the bank plus interest.
Earlier, the Moscow Commercial Court sided with Russian Technologies in two similar lawsuits against the airline -- for 2.484 billion rubles ($86 million) over a Gazprombank loan and 180.5 million rubles ($6.2 million) over a VTB loan. The judgments have also come into effect.
Moskva Airlines was founded as Atlant-Soyuz Airlines in June 1993. Private investors owned a 75-percent stake in the company and the remaining 25-percent stake belonged to Moscow as of 2007. On September 17, 2010, the airline was renamed Moscow Airlines.
Due to its difficult financial situation, the airline tried to reduce its flights in December 2010 and stopped selling tickets. In January 2011, the airline stopped operating.