The proposal to revive Transaero airline is pointless, VTB Head Andrey Kostin said on Thursday.

"The proposal does not make sense. It is dead, let it stay dead. This phoenix will never rise," Kostin said.

On November 16, Transaero that halted operations last October started dispatching a formal proposal to lenders regarding the operations restart plan. "We started sending the formal proposal on the operations restart plan to lenders," the company’s press service told TASS.

According to estimates of the management, the passenger traffic of the new company may be 4.1 mln by 2020 with 75% load of flights. The market value of such airline may total $1-1.2 bln, the letter said.

Transaero halted its operations in October 2015.