Scars: a deal to join the Red Wings in the IFC will approve before the end of November

Scars: a deal to join the Red Wings in the IFC will approve before the end of November

The General Director “Ilyushin Finans Ko” Alexander Rubtsov said that at present the IFC is negotiating with the Red Wings shareholders on the terms of the company’s management.

DUBAI, 8 Nov. The deal on joining the Red Wings in the composition of the leasing company “Ilyushin Finance Co” (IFC) will be approved before the end of November, the current CEO of the carrier will remain in his position, said to journalists the General Director IFK Alexander Rubtsov.

“We are in heavy negotiations with the shareholders (the Red Wings — ed.) on the conditions of management of the company following the conversion of debt into equity. Like, the main parameters we agreed on. Now preparing a legal agreement with the current shareholder, if all goes well, we should go to the Board of Directors (IFC — ed.), by the end of November a deal to approve and move forward with additional shares, conversion of debt into equity,” said Scar.

“I think he (Evgeny klucharev — ed.) quite successful CEO, and the company is significantly improved from the point of view of market positioning. Financially, of course… but the market is now such that to show that now the profitability, of course, difficult. On the other hand, we see that the company regained the lost positions on the market and found its niche in some degree”, — he said.

The Bank of Russia on 10 September resumed the issue and registered the additional issue of ordinary registered uncertified shares of the Red Wings, placed through private subscription, was spoken in the message of the Central Bank of 14 September.

In July the General Director IFK Alexander Rubtsov and a source close to the deal reported that the leasing company “Ilyushin Finance Co” (IFC, in 48.4% owned by “United aircraft Corporation”) is negotiating the acquisition of 74% stake in airline Red Wings. The carrier was expected to register a prospectus and to exchange the shares for the debt of the carrier to the leasing company.

In August this issue was brought to the Board of Directors of IFC. However, the Board of Directors of IFC has decided to adjudge the issue at the Board of the KLA structure, which includes the IFC.

Red Wings — one of the largest operators of Russian-made civil aircraft. The company is 100% owned by entities affiliated with businessman Sergey Kuznetsov. Carrier by the end of 2016, will operate the SSJ100 10, five of which will be supplied by the IFC. In the Park the carrier at the moment, eight Tu-204 and four SSJ100. For the first six months of 2015, the airline carried 368,54 a thousand people, occupying 19-e a place in civil aviation the number of passengers carried.