Tupolev postpones proceedings, leaving plant's future largely in limbo, although possible Nepalese interest in Tu-204 has emerged (330 words)

Published: 10/1/2001

According to Oleg Gruzdev, Head of Aviastar's press service, the EGM scheduled for 22nd September did not take place and has been delayed by the plant's major shareholder, government-owned OAO Tupolev, for an indefinite period. Gruzdev said the cause of the delay was the fact that the date of the meeting, called to decide the plant's future in terms of both management and ownership, was not communicated to all the board directors, and that some of them, including Tupolev employees, were still on the vacation at the time. Whether this excuse is actually true or not is debatable, given that the EGM was actually agreed in the middle of August and was largely triggered by Tupolev's attack on New Community and the subsequent withdrawal of investment undertakings. The delay is more likely be the result of the failure of the two sides to find a compromise that provides sufficient investment from New Community while leaving the state - in the form of Tupolev - with a major say in its operation. Gruzdev insists that, despite funding problems, Aviastar-JV is meeting its production schedule and is continuing work on three Tu-204s, two of which were recently started and two An-124s for Polyot. He says that the plant is also undertaking some work on an An-124 for Volga Dnepr, but delays with payments have slowed the process down. The plant was visited last week by a delegation from Nepal, led by Ang Tshering Sherpa, Chairman of Skyline Airways, in order to familiarise the Nepalis with the plant and to assess the Tu-204, with hints that there may be a requirement for three aircraft. Discussions were very preliminary, however, with engine options not even discussed, as the visit had not been organized by Sirocco. According to reports, Sherpa will submit a report to the Nepalese Aviation Ministry to consider taking the negotiations further.

Article ID: 2786