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Alexey Ulyukaev says bankruptcy is the only option for Transaero air carrier

02.10.15

On the 2nd of October Russian Economic Development Minister Alexey Ulyukaev said at the International Investment Forum Sochi 2015 that the bankruptcy of the Transaero airline was the only possible way to solve the issue with the company. At this stage Aeroflot has not yet withdrawn the request for the deal with Transaero.

"The search for other options has not led to positive results, we believe that this was the only option," Alexey Ulyukaev said.

Sberbank was ready to initiate bankruptcy of the airline. The bank is not accustomed to losing money for nothing.

Transaero debt load consists of 150 bln rubles ($2.3 bln) for leasing liabilities, around 20 bln rubles ($307.6 mln) - debts to airports and refueling companies. The airline owes VTB 12 bln rubles ($184.5 mln), Gazprombank - 7.9 bln rubles ($121.48 mln).

Transaero began operation in 1991. It is currently the second largest airline in Russia. Its routes include over 200 destinations in Russia and flights to foreign countries in Europe, Asia, America and Africa. In the first half of 2015 Transaero carried 5.772 mln passengers, which is 0.4% more than in the same period last year.

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