Moscow. October 21. The airline “Transaero” leaves the market it the price is inadequate, as it turned out, risk managed to claim second place, with unprecedented information noise. The history of agony “Transaero” has already split into several plots unpredictable, although the ending is, at least at the moment, looks a foregone conclusion. If for some unknown reasons, the final verdict of aviation authorities will not be “replayed” this week “Transaero” will fly for the last time.
“Transsibir” instead of “Tranceroute”?
The company “Transaero” has accumulated about 250 billion rubles of debt and excess fleet in September was in the verge of bankruptcy, forcing the state to look for options to save her. It was assumed that 75% plus 1 share of the company will be sold to Aeroflot for a token 1 ruble, but shareholders “Transaero” were not able to consolidate the required stake. Aeroflot refused the offer, and statements of relevant officials was to ensure that the option of bankruptcy of the airline seemed the only possible.
Since the beginning of the week to the “Transaero” has received claims from the bankruptcy of the largest creditor banks – Alfa-Bank and Sberbank, plans to file a claim for bankruptcy of air carrier stated VTB. Its intention to the environment the Bank is not implemented, however, the press service of the state Bank stated that it “is closely monitoring the situation in the airline”. “The Bank will seek repayment of indebtedness and to defend their interests within the law”, – said the representative of VTB.
However, before it became known that the owner of PJSC “Airline “Siberia” (enters into group of S7 Airlines) Vladislav Filev has signed an agreement to purchase Alexander Pleshakov “not less than 51% of actions “Transaero”. The amount of the transaction participants is not revealed, but according to Pleshakova, which led to RBC, the price of the package amounted to “significantly more than one rouble” and the amount “will satisfy all parties involved”.
Filev also reported to RBC that the shareholders of S7 “have a plan of normalization of relations with creditors “Transaero”, without specifying the details and saying only that new shareholders “by all means try to avoid the bankruptcy of the airline”.
Pleshakov himself told the publication that “prepared the agreement in part because that would allow the monopolization of the airline industry that passengers and employees of the industry had a choice between the airlines”.
“In addition, our goal was to not hurt long-term partners and creditors of the airline, which undoubtedly would have incurred damages in case of bankruptcy”, – cited the words of RBC Pleshakova.
However, the circle of passengers, whose interests, according to Pleshakova, in this case made the corner, perhaps rather narrow. At least, Roman Pakhomov, the General Director of the leasing company “Rostec” “Aviakapital service” and member of the Board of Directors of “Aeroflot”, said that the purpose of S7 in the deal with Transaero can be to protect the interests of Alfa-Bank, which is trying to hold the asset until the advent of the bankruptcy Trustee under bankruptcy “Transaero”. Pakhomov reminded that Alfa-Bank had in fact saved the airline S7 airlines in 2010. Then, the Bank has provided credit line S7 8.9 billion for debt refinancing, getting in the provision of a controlling stock “Siberia” and two of the nine seats on the Board of Directors of the carrier.
Currently Alfa-Bank is one of creditors of “Transaero” and the second Bank, which went to court with the statement for bankruptcy “Transaero”. “If S7 says about the buy, probably, they are ready to subsidize the transportation “Transaero” at least until the time the certificate of the operator. The new management must find the resources to ensure operating costs “Transaero”. They, apparently, and the General Director “Transaero” will change. If so is it, at “Aeroflot” there are no reasons to pay current liabilities “Transaero” – and he calmly recede, followed by the presentation of their claims for compensation for the costs incurred”, – said Pakhomov.
Still doesn’t fly
Judging by how rapidly the events of Wednesday, buy control in “Transaero” Filev is not part of the government’s plan to save the airline. Or is part of some other plan unless the wider public is not known and not linked with the preservation of “Transaero” as the carrier, and with the fate of his vast inheritance. Which has like 260 billion debt to banks and lessors, and aircraft (albeit not their own) and attractive routes.
In the morning, Minister of transport Maxim Sokolov said that the certificate “Transaero” on results of check of Rosaviation cancelled.
“Yesterday, the Federal air transport Agency has completed the ongoing test, and experts signed a statement in which further activity of the airline “Transaero” becomes impossible. So this morning signed the order for revocation of the air operator certificate of the company “Transaero” since October 26 of this year”, – said the Minister.
According to him, this means that since the onset of the winter schedule, “October 26, when all airlines of the world significantly reduce their volume of traffic, the aircraft of the company “Transaero” can’t get up in the air”.
“All passengers who have tickets, as we said before, will take the group of companies “Aeroflot” and they will be directly transported on flights of “Aeroflot” or the flights of other Russian airlines, which in this situation will shoulder”, he added.
Soon the explanation made by the head of Rosaviatsia Alexander Neradko. He explained that, in accordance with the regulations revoked certificate cannot be restored. The official stressed that the Agency “has not received any information about the ongoing negotiations of an acquisition of Transaero another carrier, S7, as well as the results of this transaction”. Neradko added that he did not want to discuss “those hearings and the information that is being circulated in the media.”
“There is no official confirmation, documents, any negotiations – even of intent – S7 in the Federal air transport Agency is not represented and is not currently presented,” said the head of Federal air transport Agency.
According to Minister of economic development Alexei speaker, the question of the fate of “Transaero” is closed, because the certificate of the carrier can not be restored regardless of the further destiny of actions “Transaero”.
“We must proceed from this statement, the Federal air transport Agency. Aviation authorities, I think, has taken a comprehensive solution and exhaustively gave the comment,” he said, answering the question, what could be the practical sense in buying shares of “Transaero” in the context of certificate revocation.
The main asset of “Transaero” are the tolerances on the international routes, as well as part of the fleet, which can be transferred to other airlines. According to Neradko, “Transaero” there is a tolerance on flights to 156 destinations. 57 of them have already said the claim “Aeroflot”. Thus the head of Federal air transport Agency said that the distribution of tolerances for routes, an inter-Ministerial Commission under the Ministry of transport of the Russian Federation.
“In the short term it is planned to assemble a meeting of the Commission on which to review incoming requests from the airlines,” he said, stressing that there is the Ministry of transport approved the allocation of these areas. “We will stick to it” – said Neradko.
Speaking about the practice of distribution of routes of troubled carriers, the official cited the example of the situation with bankruptcy of airline “Atlant-the Union”.
“I wanted to draw your attention that while the shoulder was framed, the airline “UTair” – and rightly so, in my opinion, got the ability to operate on international routes, the right to which had then “Atlant-the Union”. So I think that in the meeting of the Committee will review various aspects – including the fact that the airline “Aeroflot” has spent a significant amount of funds for transportation of passengers (“Transaero”) – according to various estimates, it is approaching 17 billion. Of course, Aeroflot expects that he will be able to obtain permission for flights by the 57 routes. In my opinion, the criteria established by the administrative regulation of execution of this function (redistributing routes) that will make the winner of “Aeroflot”. Because Aeroflot objectively on those indicators that are established by administrative regulations is superior to other airlines possible candidates,” said Neradko, noting that it is his personal view and he does not want to prejudge the decisions of the Commission.
“Aeroflot” in turn, confirmed the obligations on transportation of passengers “Transaero”, the return of funds and the hiring of 6 thousand employees, subject to obtaining part of “Transaero”.
According to Neradko, the entire depth of booking tickets of “Transaero” to 4 April 2016 will have to carry 155 218 thousand passengers.
“Of these, 87 757 thousand people will be transported by flights of “Aeroflot”, the companies of its group, as well as other carriers. It is expected to provide a refund for paid tickets 67 thousand 461 the passenger,” he said, noting that informing these passengers will be “Aeroflot”.
Thus, a sensational deal with the control service of “Transaero” are like being in zero gravity – just like the characters in new commercials S7. The events surrounding Transaero develop exactly the way they would have developed without change of ownership: certificate revocation, cessation of operations, allocation of routes, aircraft and employees, and bankruptcy (Wednesday morning it became known that the court initiated proceedings under the claim of Sberbank of insolvency “Transaero” and set the date of the preliminary hearing). Characteristically, the first Vice-Premier Igor Shuvalov who coordinates the discussion of the situation with “Transaero” from the government, in his speech before deputies of the state Duma of the subject of the purchase of shares is not mentioned at all. According to him, “Transaero” will leave the market, and the routes and the best part of the Park will receive other airlines.
About the deal with S7 remembered only the head of the Duma Committee Andrey Makarov, who did not hide the indignation: “now, when “Aeroflot” has dealt with the largest part of this work, as he was able to calm the people, appears suddenly someone says: “I buy what’s left”. You know, Igor, with all deep respect to your Commission on integration (“the anti-recessionary Commission” Shuvalov, responsible, including, for granting of the state guarantees), it seems to me that this issue needs to move on from your Commission in the Investigation Committee”.
“And there you can find a place to integrate these people. I think it will be the best answer in the whole anti-crisis program “Transaero”, – said the Deputy. And first Deputy Prime Minister agreed that law enforcement agencies history of financial collapse “Transaero” can really be interesting.
And other interested persons
While the heavyweights – Sberbank, Alfa Bank and VTB slowly come to the shell called “bankruptcy “Transaero”, the other lenders are trying to influence the situation. Their chances to defend their interests can hardly be called high, but the fact that active citizenship of the consolidated group of creditors – in the Russian practice are rare and therefore noteworthy.
Publicity a group of angry creditors figure adds the primary owner of one of these banks of Mikhail Prokhorov. The situation with “Transaero” has pushed it for the first time in a long time to update the blog in “LiveJournal”. The businessman compared the state in the history of the airline with the “blind shark”, criticizing the inconsistency of decisions, first to rescue, then the bankruptcy “Transaero”.
“Don’t want to believe that our economic authorities have the task to compress and gosudarstvah the economy to the size of the 90s and even to earlier periods, when there were pictures everywhere, a state-owned company in the industry, one brand at all. Unfortunately, the situation with “Transaero” it is difficult to interpret otherwise,” wrote Prokhorov, indicating that including the proposed Bank IFC found no support from the state, and as a result the main losses will incur it.
“If not to support the initiative of private banks, after two or three such examples must not be surprised by increased capital flows, and the departure of the most active in other countries,” he said.
Six creditor banks sent Pleshakova, which remains Chairman of the Board of Directors of “Transaero”, the letter with the offer to consider the question of change appointed Aeroflot’s new CEO, pointing to a conflict of interest. The letter has been signed Absolut Bank, Novikombank, Moscow industrial Bank, Moscow credit Bank (ICB), the Bank “international financial club” (IFC) and BFA Bank. In the letter as the candidate on post of the General Director “Transaero” offers Alexander Burdin, who previously worked in the company “RUSAL”.
“Importantly, Burdin A. K. is not affiliated with any shareholders of the company, or its competitors”, – stated in the letter. It also States that now the airline is headed by Dmitry Saprykin, who is also a member of the Board and of the Board of Directors of “Aeroflot”. The letter stated that this situation violates the rules of corporate law, since “Aeroflot” has refused purchase “Transaero”. Burdin represented United six lenders for a suitable independent candidate, reported the sources. “We are not Aviator need, but rather, a crisis Manager, who will talk with creditors to talk,” said one of the interlocutors of the Agency.
On Wednesday, the sources said that private banks-creditors of the airline will initiate a meeting with a prospective new shareholder of the airline, co-owner S7 Filev.
“At this meeting we will discuss the prospects of restructuring, in which now more interested parties. The meeting may take place today (Wednesday) or in the near future”, – said one of interlocutors of the Agency. The second source noted that the emergence of private banks and S7 Fileva – in any case a positive factor.
Thus Neradko tried to stop the rumors about the arrangements of “Transaero” with the banks. “In the media with different periodicity appears unconfirmed information about some of the achieved with private credit institutions of agreements on the rescheduling of payments under the loan agreements, called pool credit institutions. I would like to note that the total amount payable under this pool is about 10% of the total payables of the airline, including lease payments,” – said Neradko, stressing that no information on the agreements with the airlines creditors were reported.