Transaero was declared bankrupt

Sergei Levichev, Head of Bankruptcy Practice, commented for Kommersant on the bankruptcy of Transaero.

Almost two years after the cessation of Transaero flights, the airline was finally declared bankrupt, the bankruptcy proceedings will last six months. Now the creditors' claims amount to 329 billion rubles, and the amount may increase, since the register is not yet closed. But it is clearly not possible to satisfy the claims of creditors within the framework of bankruptcy. Transaero had very few liquid assets, only nine aircrafts, and nothing is known about the whereabouts of seven of them.

TASS reported that the Arbitration Court of St. Petersburg and Leningrad Oblast has declared Transaero airline bankrupt and initiated the bankruptcy proceedings for six months. The source familiar with the situation informed Kommersant that at the court session in St. Petersburg there were about 15-20 representatives of creditors who unanimously approved the new bankruptcy receiver - instead of Mikhail Kotov they chose Alexey Belokopyt from Euro-Siberian Self-Regulating Organization of Court-Appointed Receivers <...>

Sergei Levichev, Head of Bankruptcy Practice at Pavlova & Partners, says that since the carrier's property is obviously not enough to satisfy all the claims of creditors, another way to solve the problem could be the replacement of assets, i.e. when, on the basis of the debtor's liquid assets, new JSC is established, and creditors become its shareholders, the operating activity is resumed, which makes it possible to cover debts.

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Ирина Кошечкина