Troubled Russian airline UTair, which defaulted on one of its loans in late 2018 due to a lack of money, has sent a new debt restructuring offer to creditors, RBC Daily reported on Tuesday citing sources. 

The new offer encompasses prolongation of payments on a major part of debts for 35 years at 0.01% annually.

A source close to UTair and two creditor banks said this prolongation period was offered for a 23.7 billion ruble 12-year loan and for 50% of a 7-year 15.4 billion ruble loan that was provided by a syndicate of 11 banks in late 2015.

UTair’s total debt stands at 75.8 billion rubles.