MOSCOW, April 13 - RAPSI. Moskva Airlines has filed an appeal against $6.1 million collection in the Russian Technologies Corporation's lawsuit.
The airline incurred the debt after the government corporation, acting as the guarantor, repaid the Altant-Soyuz debt under a loan agreement with VTB bank.
The Moscow Commercial Court fully satisfied the corporation's claim in November and ordered the defendant to repay its principal debt of 159.337 million rubles ($5.4 million) and interest amounting to 21.1 million rubles ($714,000). VTB was involved in the litigation as a third party.
A court of appeals upheld the trial court judgment on February 7.
Moskva Airlines was founded as Atlant-Soyuz Airlines in June 1993. In 2007, private investors owned a 75-percent stake in the company and the remaining 25-percent stake was held by the Moscow government. On September 17, 2010, the airline was renamed Moscow Airlines.
Due to its difficult financial situation, the airlines tried to reduce its flights in December 2010 and stopped selling tickets. In January 2011, the airline wound up its operations.