Russian Supreme Court recognizes Transaero’s $655.8 mln debt before Irish firm
MOSCOW, December 22 (RAPSI) – The Supreme Court of Russia has upheld a lower court’s ruling including a 38.3 billion-ruble (about $655.8 million) debt owed by bankrupt Transaero airline before Irish company VEBL-767-300 in the creditors demands list, the court documents read on Friday.
On December 16, 2016, the Commercial Court of St. Petersburg and Leningrad Region granted a request of the Irish company to include the debt, which resulted from sales of aircraft and leasing, in the demands list. Temporary administration of the company contested this move claiming that VEBL-767-300 provided no proof of inflicted damages.
On September 13, the Commercial Court of St. Petersburg and Leningrad Region declared Transaero bankrupt.
Transaero found itself unable to pay its debts valued at 250 billion rubles (about $4 billion) in 2015. The 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 bankruptcy procedure against Transaero on December 16.