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Court of Tatarstan declares VIM-Avia airline bankrupt, opens bankruptcy proceedings

The period lasts until January 26

KAZAN, September 26. /TASS/. The Arbitration Court of Russia’s republic of Tatarstan has opened bankruptcy proceedings regarding the VIM-Avia airline for a period of four months, a TASS reported from the courtroom.

"To declare the VIM-Avia company bankrupt, to open bankruptcy proceedings with regard to this company for a period of four months until January 26, 2019," the judge said.

Maria Bulatova, who is the temporary manager of the airline, said that during the court session, signs of intentional bankruptcy had been revealed in the airline's activities. Earlier, she said that according to the results of the monitoring procedure, the financial recovery of the enterprise was impossible.

"For three years, there were transactions that together could lead to bankruptcy. There are 122 pages of facts, they contain different amounts, different transactions, different grounds. ... It's about hundreds of millions of rubles," Bulatova told reporters. She added that the documents were transferred to the Investigative Committee of the Russian Federation.

In late September of 2017, VIM-Avia announced the suspension of flights due to a shortage of working capital and debts to counterparties. This was preceded by a series of delays in flights from Russian and foreign airports. A month later the Federal Aviation Agency suspended the operator's certificate of the air carrier.

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