UTair Rebuts Rumors of Bankruptcy

UTair Boeing 737-500
UTair Boeing 737-500 (© O.Pritzkow)

Following the recent publication of information in the media, UTair Aviation clarifies that a claim for 3.5 million rubles filed against UTair will not negatively affect the stable operations of the airline.

“We are focused on finding a constructive solution for all financial issues,” said UTair General Director Andrey Martirosov regarding the situation. “Filing a lawsuit to declare a company bankrupt is a standard approach used by lenders, often by those seeking the return of relatively small amounts of debt. UTair uses the same legal procedure against its own small debtors. The counterparty which filed a lawsuit against UTair on Friday has a history of filing as recourse to settling loans. We have long-standing and systematic differences with this contactor that could be characterized as fundamental in nature. Such claims will not affect UTair operations. Our passengers and clients have nothing to worry about.”

Martirosov also noted that currently external economic factors have had an impact on the aviation industry as a whole. “In anticipation of the adverse economic conditions and decrease in the growth of passenger volumes, UTair launched Impulse, an efficiency improvement and operational costs optimization program. Today we are already able to state that UTair performance has demonstrated improvements in nearly all areas of activity. We are assured that the difficulties we face today are temporary and that the situation will stabilize soon. We hope for understanding and support from our lenders, partners, investors, counterparties and, most of all, from our passengers,” he announced.

UTair

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