In Krasnodar Territory, Airline "Sky Express" recognized bankrupt

The Arbitration Court of the Krasnodar Territory declared the Airline CJSC (Closed Joint-Stock Company) "Nebesny Express" (Sky Express) a bankrupt.

The "Caucasian Knot" has reported that on October 31, 2011, the activity of the Airline "Sky Express" was suspended by the decision of the Russian Federal Air Transport Agency ("Rosaviatsiya"), and its obligations to passengers were taken over by the Airline "Kuban". It also inherited the entire fleet of aircrafts of the Airline "Sky Express".

According to a representative of the court, bankruptcy proceedings for a period of six months were opened against the company, and Igor Konygin was appointed its bankruptcy trustee.

Summarizing the results in the procedure of analysis of the financial condition of the debtor, the temporary trustee came to the conclusion that it was not possible to restore the solvency of the airline and it was reasonable to start bankruptcy proceedings against the debtor.

The amount of credit liabilities, included in the register of the creditors' claims against the debtor, reached 1.5 billion roubles.

A claim to recognize the airline bankrupt was file to the court by the LLC (Limited Liability Company) "Siberian Insurance Company 'Sayany'", the "RAPSI" (Russian Agency of Legal and Judicial Information) reports.

Igor Konygin refused to clarify to journalists, which assets of the company could be put up for auction. Meanwhile, court marshals found that the debtor had no property that could be sold.

In total, the CJSC "Nebesny Express" failed to pay to its creditors 1,513,839,000 roubles, including 160,000,000 roubles, which it was to pay to the "Airstream LLC Leasing Limited", which provided to the carrier aircrafts on lease. The company failed to pay to its former employees about 80,000,000 roubles. The debts were confirmed by the judicial decisions, and employees of the airline appealed to the prosecutor's office, the Federal Labour and Employment Service ("Rostrud"), and law enforcement agencies. Aviation personnel repeatedly tried to bring the problem to the attention of the authorities and the society by holding rallies and pickets. However, the problem remained unsolved.

It is possible that the airline will be able to pay debts to some of its creditors through the accounts receivable. According to the balance sheet for six months of 2011, which was presented in the materials of the case for bankruptcy, the amount of accounts receivable reaches 560,759,000 roubles, the "Uralinformbyuro" reports.