MOSCOW, Russia – VIM Airlines (NN, Moscow Domodedovo) is the latest Russian carrier to be targeted by the country’s financial institutions over unpaid debts. Last week, VTB bank filed a motion in the Moscow Court of Arbitration to declare the carrier bankrupt.
According to an airline spokesman who spoke to the RIA Novosti news agency, VIM Airlines has opened dialogue with the bank in a bid to settle the case, neither the basis of which nor the amount owed is publicly known.
A hearing date is scheduled for next month.
This is not the first time the two parties have met in court. In October last year, the bank won a claim against VIM for USD2.7 million owed on outstanding credit payments. Sberbank also has a case pending against the carrier for RUB342million (USD5.34 million) with its hearing also set for next month.
Overall, VIM’s public debt is estimated to stand at RUB3.1 billion (USD48.4 million).
Founded in 2002, the privately-owned carrier operates scheduled and charter passenger flights from its Moscow Domodedovo hub to various Russian cities as well as Europe, Asia and North Africa.
Russia’s slowing economy and a declining passenger market have hit the country’s airline sector particularly hard with two of its largest operators – Transaero Airlines (UN, Moscow Domodedovo) and UTair (UT, Khanty-Mansiysk) – having sought government financial assistance.
According to Bloomberg News, Boeing (BOE, Chicago O’Hare) has confirmed talks with customers concerning possible deferments in the deliveries of outstanding aircraft orders. In October last year, UTair confirmed the delivery of its incoming fleet of twenty-seven B737-800s and seven B737-900(ER)s would be deferred indefinitely while its twelve A321-200s on order from Airbus Industrie (AIB, Toulouse Blagnac) will be delayed until 2016 to 2018.
