Court has terminated bankruptcy against former Transaero CEO - RUSSIAN AVIATION

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Court has terminated bankruptcy against former Transaero CEO

Russian Aviaton » Wednesday June 6, 2018 17:07 MSK

© Transaero

The Moscow Commercial Court has terminated bankruptcy proceedings against ex-CEO of Transaero air carrier Alexander Pleshakov, RAPSI has learnt in the court.

The case was closed because Pleshakov had paid off his debt to VTB bank.

The Commercial Court of St. Petersburg and Leningrad Region declared Transaero bankrupt in September 2017.

Transaero found itself unable to pay its debts valued at 250 billion rubles (about $4 billion) in 2015. The 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.

In October 2015, Sberbank and Alfa Bank filed bankruptcy petitions against the troubled airline. The Commercial Court of St. Petersburg and Leningrad Region initiated bankruptcy procedure against Transaero on December 16.

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