S7 Airlines co-owner Vladislav Filyov agreed to buy control of Russia's second-largest carrier, Transaero Airlines, after state-run Aeroflot PJSC declined to bail out its indebted competitor.
Filyov signed an agreement today to buy at least 51 percent of Transaero from Alexander Pleshakov, S7's spokesman said by phone. S7's Siberia Airlines is Russia's third-largest air carrier, according to the civil aviation agency. Transaero was slated to end its operations by Dec. 15.
Transaero is a casualty of Russia's deepest recession in six years, which has curtailed travel while the ruble's 34 percent decline against the dollar in the past year bloated the cost of leasing jets. The company has about 42 billion rubles (US$677 million) of foreign currency leases on jets, and a total debt load of 107 billion rubles as of December 2014, according to estimates from VTB Capital. Russia's largest bank, Sberbank PJSC, filed a bankruptcy suit against Transaero on Monday, news service RIA Novosti reported.
Transaero shares were unchanged at 6.8 rubles on the Micex index on Tuesday. the company's shares have plunged from 214 rubles since February 19.
Embraer and Japan Airlines have strengthened their long-standing collaboration through a new multi-year agreement under Embraer’s Pool Program, ensuring continued maintenance, repair, and spare-...
ALSIM has announced that MH Cockpit, based in India, has acquired an AL250 simulator—marking a significant step in MH Cockpit’s expansion plans and reinforcing its ambition to build a robu...
KlasJet has achieved a significant milestone by obtaining Part 129 Operations Specifications (OpSpecs) approval from the FAA, paving the way for the company's expansion into the U.S. market. As pa...
RECARO Aircraft Seating is celebrating the 80th anniversary of Scandinavian Airlines with a unique collection of 80 customized RECARO Gaming Nxt chairs created exclusively for the carrier. Repres...
