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S7 top executive buys controlling stake in distressed Transaero airline

The sum of the deal was not made public, but the parties however said it was "much bigger than one ruble"

Director General of Russia’s air company S7 Vladislav Filev ITAR-TASS/Marina Lystseva

Director General of Russia’s air company S7 Vladislav Filev

© ITAR-TASS/Marina Lystseva

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Putin urges fulfilling all obligations to Transaero passengers

MOSCOW, October 20. /TASS/. Director General of Russia’s air company S7, Vladislav Filev, has bought "at least 51% of shares" of distressed Transaero airline from its majority shareholder, Alexander Pleshakov, told RBC on Tuesday.

According to RBC, the sum of the deal was not made public. The parties however said it was "much bigger than one ruble" ($0.016) and would be acceptable for them all.

"I looked at such deal because I wanted to prevent the monopolization of the market, so that passengers and sectoral employees could have a possibility of choice between air companies," RBC cited Pleshakov as saying. "Apart from that, our goal was to spare our long-term partners and creditors from losses they would inevitably sustain should our air company go bankrupt."

Filev said Transaero stakeholders "have a plan of settling relations with the company’s creditors" but refused to disclose details. He pledged the new shareholders "will do their utmost to avoid the air company’s bankruptcy."

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