MOSCOW, June 19 - RAPSI. The Moscow Commercial Court declared Continent Airlines bankrupt on Tuesday.

The company has been put into bankruptcy administration for six months. The administrator’s report is set to be heard on January 23, 2013.

The creditors schedule includes claims amounting to 162.5 million rubles ($5 million).

Continent’s property is estimated at 353 million rubles ($11 million), but the real value of its fixed assets comes to as little as 4 million rubles ($124,500). This is predominantly aviation equipment. The aircraft themselves were leased.

According to the bankruptcy administrator, there are no signs of fraudulent bankruptcy, although the conduct of the management implies otherwise.

The airline suspended its flights due to the debts it owed to Russian airports, totaling 32 million rubles ($996,000) as of July 29, 2011.

The company was established in 2007. It made regular and charter flights across Russia using Tu-154 planes.