Threatens bankruptcy (220 words)

Published: 12/19/2000

According to the Russian agency Interfax, Aeroflot has attempted to have the Moscow-based charter carrier AJT Air International declared bankrupt by the Moscow Arbitration Court. Boris Eliseev, the director of Aeroflot's legal department, refused to comment on the situation, other than to confirm that Aeroflot had approached the court. Apparently, Aeroflot had been experiencing extensive delays in receiving payment from AJT for fueling and on-board service. As a consequence of this, Aeoroflot has claimed that it is currently owed $7m by AJT. Sergey Gusak, the General Director of AJT Air International, disagrees with the level of Aeroflot's claim and says that the company plans to defend itself against any action taken by Aeroflot. He also adds that the state owes AJT around Rb150m ($5m). This represents the reimbursement of VAT payments that were paid on exported services. Closed JSC AJT Air International was founded in July 1992 and is owned by its CEO, Teimouzaz Kaztchava and Vnukovo Airlines. It is regarded as one of the more successful of the leading Russian charter airlines. It does, like many of its competitors, operate on a very tight basis, in what has become a very competitive market, made ever more so by the active entry of scheduled carriers into the frame. It is based at Sheremetyevo Airport, operating 4 IL-86 and 1 Tu-154.

Article ID: 2251