Director of “Transaero” will explore the legality of banning the sale of tickets

Director of “Transaero” will explore the legality of banning the sale of tickets


Transaero creates a Commission to evaluate the legality of the prohibition of sales of tickets from 1 October. The composition of the Commission will include airline Director and Deputy Chairman of the Bank-creditor of the carrier.

MOSCOW, 9 Oct. The Board of Directors of “Transaero” at the meeting on Friday took the decision to establish a Commission to assess the legality of the decision to ban the sale of tickets from 1 October, as well as to conduct financial audit stated in the meeting minutes that is available.

The Commission consisted of three members of the Board of Directors of the air carrier and the Chairman of the Bank “international financial club” (IFC), which is strongly opposed the bankruptcy of the company, follows from company materials.

On Thursday, representatives of several banks said that there is a consolidated position of creditors who agreed to create a Committee to take joint action to avert bankruptcy “Transaero”. One of the decisions taken in the Committee, the moratorium on filing claims against the carrier. The Committee is comprised of more than 10 banks-creditors.

“To create a Commission to analyze the situation with the release of order of the General Director “Transaero” Saprykin D. P. No. 822 banning sales on flights Transaero airlines from 1 October 2015, as well as on the conduct of financial audit, audit of safety and operationally-technical activities of Transaero airlines in September 2015″, — stated in the minutes of the Board of Directors chaired by the President and one of the shareholders of Olga Pleshakova.

From 7 September Transaero is operating under the management of “Aeroflot”. The General Director was appointed Dmitry Saprykin from “Aeroflot”.

“The issue of establishing the Commission was included in the agenda of the meeting of the Board of Directors in connection with yesterday’s letter addressed to Mrs. Pleshakova from the Committee of the creditor banks with the requirement to be heard in their presence the report of the CEO on the activities undertaken in the company from 1 September 2015 till present, and also to carry out independent technical and financial audit,” said a source close to the “Transaero”.

Pleshakova appealed to the Committee of creditors with a proposal to nominate a candidate from banks for participation in the audit Commission, said a source in one of banks-creditors. The Commission should assess the extent of damage from the introduction of the ban on the sale of tickets, to make recommendations to the Board of Directors about further action and to 16 of October to submit the report.

Background

After a failed plan to transfer 75% of shares of “Transaero” state-controlled Aeroflot for subsequent readjustment of the carrier, creditors and the authorities are considering the option of bankruptcy. Alfa-Bank and Sberbank threatened to sue the relevant statements.

But IFC objected to the bankruptcy and proposed to transfer the company in control to creditor banks. As noted by the Bank, its proposal supports credit Bank of Moscow, Moscow industrial Bank, Novikombank, Bank, “OTKRITIE”, “BFA Bank” Absolut Bank.

One of the largest creditors of “Transaero” — VTB, stated that he did not know about plans of creation of Committee of creditors and moratorium on filing lawsuits against the troubled airline. Alfa-Bank also does not participate in the creditors ‘ Committee.

Total debt of the company together with the leasing liabilities amount to about 250 billion rubles. Financial debt of “Transaero” before VTB is 12 billion rubles, Gazprombank — 7.9 billion rubles, the Sberbank — 6 billion rubles.

The largest lessors are VEB and VTB, who provided the aircraft, with 55 and 40 billion rubles. Leasing debt to Sberbank is not disclosed, however it is known that the company transferred six planes that cost more than 10 billion rubles.

Who is against

The heads of Sberbank and VTB Herman Gref and Andrei Kostin said earlier about the impossibility to save “Transaero” because of its large debt and operating loss. Sberbank and VEB also not comment on the position of club of creditors, the operational review VTB could not be obtained.

The VEB said earlier that talks about creation on the basis of “Transaero” another airline. According to the head of state Corporation Vladimir Dmitriev, also under consideration is a “soft landing managed bankruptcy” for the airline.