Just as it was looking like Russia’s Transaero was about to file for bankruptcy, after a failed attempt by Aeroflot to rescue the carrier, a co-owner of Russia’s S7 Airlines, Vladislav Filev, has signed an agreement to purchase at least 51 percent of the airline, according to Reuters.
Transaero, which is Russia’s second largest airline, is drowning in debt with two of its main creditors, Sberbank and Alfa Bank, filing bankruptcy actions against Transaero, following the failed Aeroflot deal. At the end of 2014, Transaero had net debt of US$1.63 billion. The carrier was so financially crippled, it couldn’t refuel its aircraft, so Aeroflot was doing so, but quit at the end of September.
Transaero was a passenger airline, but it reported 347 million FTKs worth of cargo flown in 2014, most of which was flown in the bellies of its 44 widebody aircraft and on the main decks of its two Tu-204Cs. The carrier owns a total of 93 passenger aircraft.
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