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Moratorium on VIM Airlines’ flights to come into force from October 25

VIM Airlines, Russia’s tenth air carrier, said on September 25 that it halts charter flights due to financial problems and shortage of the working capital

MOSCOW, October 23. /TASS/. A moratorium on flights of VIM Airlines will carry into effect from October 25, a source close to the management of the air carrier told TASS on Monday.

"The moratorium on flights will be in effect from October 25. Aircraft will be on parking lots in Moscow hub airports. Lessors electing to export their aircraft have had and will have such an opportunity," the source said.

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"Restrictions will be imposed. They will see license suspension by the end of the week," one of the sources said. "The operator’s certificate will not be revoked," the source said.

The airline currently has just five aircraft not returned to lessors, another source said. "Lessors has actually taken back all their aircraft. About five airplanes are left and they will also be taken by the end of week. They [VIM Airlines] retain their Boeing 757 jets," he added.

"The Russian Ministry of Transport and the Federal Air Transport Service [Rosaviatsiya] extended three months to Boris Karlov and his Aurora Investments for implementation of the airline operations stabilization plan. Aurora, in cooperation with Renaissance Capital, lending banks and financial department of VIM Airlines, offered the crisis management plan to the Transport Ministry and Rosaviatsiya," the source said.

VIM Airlines, Russia’s tenth air carrier, said on September 25 that it halts charter flights due to financial problems and shortage of the working capital. This was preceded by a series of flight delays in Russian and overseas airports. According to information of Russian aviation regulator Rosaviatsiya, company’s debts amount to about 7 bln rubles ($121.8 mln).

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