Alfa-Bank said Tuesday that it plans to renew legal action against Russian airline UTair in an effort to reclaim leased aircraft after payments were not made.
The bank issued a short-term hiatus on collection and legal activities during the holidays, so that the seizing of aircraft would not disrupt travel.
The Arbitration Court of Moscow said the airline owes Alfa-Bank $55 million. The bank had filed several lawsuits claiming that payments on credit and leasing lines were not being made.
Bank representatives said they are open to dialogue to remedy the situation, but if no payments are made in accordance with the arbitration decision, it will pursue continued legal action.
The airline is the country's third-largest. Deputy Prime Minister Arkady Dvorkovich said the government can provide state loans and domestic subsidies.
More Stories
- EUROPEAN INVESTMENT BANK: Bosnia and Herzegovina: EIB provides €340 million to advance works on northern part of Corridor Vc
- ABN AMRO SERVICES COMPANY: Fempower Your Growth: like tindering with female entrepreneurs
- EUROPEAN INVESTMENT BANK: Egypt: Team Europe - EIB and Banque Misr work together to support private businesses and speed up the recovery of SMEs from COVID-19
- ASIAN DEVELOPMENT BANK: ADB, NNS Sign Loans to Build Milestone Solar Power Project in Uzbekistan
- ASIAN DEVELOPMENT BANK: $123 Million ADB Loan to Help Build Elevated Walkways in Manila
- EUROPEAN INVESTMENT BANK: Germany: EIB provides €15 million of funding to IDnow
- ASIAN DEVELOPMENT BANK: CAREC Endorses Long-Term Strategy to Promote Safe, Sustainable, and Inclusive Tourism
- EUROPEAN INVESTMENT BANK: EIB Group provides €150 million to support artificial intelligence companies
- ASIAN DEVELOPMENT BANK: ADB Approves $430 Million to Help Rehabilitate Power Distribution Networks in Uttar Pradesh, India
- EUROPEAN INVESTMENT BANK: Greece: EIB backs EUR 470 million road safety scheme