MOSCOW, November 17 (RAPSI) – Transaero air carrier has filed an application with the Commercial Court of St. Petersburg and Leningrad Region seeking to drop bankruptcy proceedings against it, according to court records.
The hearing date has not been scheduled yet.
In November, Transaero managers submitted the company’s business resumption plan. The airline’s management headed by Director General Alexander Burdin analyzed alternatives which could make it possible to return money to creditors through the airline’s resumption based on its assets, the document reads.
Transaero found itself unable to pay its debts estimating 250 billion rubles (about $4 billion). 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 a bankruptcy procedure against Transaero on December 16.