MOSCOW, April 27 - RAPSI. The Moscow Commercial Court has postponed until June 19 the hearing of the Continent airlines bankruptcy case.

The court upheld the petition filed by the airline's administrator who requested the hearings postponement so as to allow time Continent to complete its financial status analysis and hold a creditors' meeting.

A commercial court placed Continent into administration in October. According to the airline, its accounts payable then amounted to 246 million rubles ($8.4 million) and its accounts receivable - 116 million rubles ($4 million).

In addition, the Continent's wage arrears amounted to 47 million rubles ($1.6 million) and it received "passengers claims regarding tickets sold to them".

By this point the company's accounts were empty and it had no other assets.

Continent canceled its flights because of its debts of 32 million rubles ($1.1 million) to Russian airports as of July 29 and hundreds of people lost their flights. The airline had sold about 37,000 tickets by mid-September.

Continent was founded in 2007. It made regular and charter flights on Tu-154 planes.