MOSCOW, October 26 (RAPSI) – The Supreme Court of Russia has refused to reconsider the lower courts’ rulings ordering Transaero to pay 5.3 billion rubles ($85 million) to another Russian airline Aeroflot, according to court records.
Last December, the Moscow Commercial Court ruled to award Aeroflot the full amount of its 5 billion rubles ($80.5 million) claim against Transaero over a debt incurred under the loan agreement of September 4, 2015. Appeals courts upheld the ruling. Transaero appealed rulings in the Supreme Court.
Some other Aeroflot suits against Transaero are reviewed by courts. In December 2015, Transaero was ordered to pay out about 5.3 billion rubles ($85 million). On January 25, the court recovered from the defendant around 2.85 billion rubles ($45.9 million) it owed to the plaintiff. A counterclaim by Transaero seeking to find the loan agreement between airlines invalid was dismissed. The Ninth Commercial Court upheld the ruling. Both rulings have already taken effect.
Transaero found itself unable to pay its debts estimated at 250 billion rubles ($4 billion). 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.
Last October, Sberbank and Alfa Bank filed bankruptcy petitions against the troubled airline. The Commercial Court of St. Petersburg and Leningrad Region initiated a bankruptcy procedure against Transaero on December 16.