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Mediamax, Armenia
Aug 17 2012
`Sukhoi Civil Aircraft' may sue `Armavia' if it doesn't pay off the debt for SuperJet
Yerevan/Mediamax/. Representative of "Sukhoi Civil Aircraft' (SCA)
threatened to sue "Armavia' if the latter doesn't pay off the debt for
purchased aircrafts.
As RBK daily reports, two SuperJets belonging to `Armavia' are
currently at the repair base of SCA test-flight complex in Zhukovsky,
because the aircraft operator hasn't paid for the scheduled repair
works for one of the aircrafts. SCA vice president Yevgeny Konkov said
this yesterday, adding that `Armavia' doesn't negotiate and pay for
anything.'
`In accord with contractual obligations we can sue `Armavia' for both
aircrafts,' said Konkov. He refused to name the amount of the debt,
noting that `taking into consideration its financial position, it will
be a significant amount for the Armenian air carrier.'
However, SCA can't take away the planes from `Armavia'. `The first
liner is in pledge. `Armavia' has put the plane in pledge in one of
the Armenian banks without informing us about it and without having
any right to do it. There are only two ways to return the planes-
either in court or in a pre-trial order,' Yevgeny Konkov noted.
According to him, it's not difficult to sue the Armenian air carrier
`as the contract was concluded in accord with Russian laws.'
According to non-official data, the first serial aircraft is put in
pledge at Ardshininvestbank as `Armavia' owes $1,2mln to the bank.
This plane is a security for a $3,4mln loan the air company has taken
to buy Bombardier.
At the same time, SCA and Vnesheconombank were ready to help `Armavia'
and invented a scheme to re-finance the company's debt, RBK reports.
`This was a loan-leasing scheme, Deputy Chairman of Vnesheconombank
Alexander Ivanov said. The financial position of `Armavia' is not
ideal. But we were ready to allocate a $40mln credit for 8 years to
finance the purchase of two aircrafts.' According to him, the
aircrafts were supposed to be released from pledge and re-registered
in the Netherlands. Very competent consultants were invited to carry
out the deal.
`We incurred costs for restructuring the deal, which, in accordance
with the agreement with `Armavia', should be compensated by the
Armenian air company, and we hope to resolve this issue in the nearest
future,' said Ivanov.
However, `Armavia' refused the deal and announced in early August that
it refused to buy the previously ordered aircrafts complaining on the
economic inefficiency of their exploitation. The air carrier stated
that it didn't have any debts to SCA. Early this week, Russian Prime
Minister Dmitry Medvedev ordered the ministries of Industry and Trade
and Foreign Affairs and the United Air Construction Corporation to
resolve the case by September 15.
Yevgeny Konkov believes that other air carriers in Russia and abroad
may get interested in the `Armavia's' aircrafts. According to him, one
of Indian carriers is interested in the liners. The company wants to
reconfigure the liner into a business-class plane. The market
participants assure this company is Aviotech.
As the edition reports, theoretically the court can resolve the case
in favor of the declarant and a writ of execution can be issued. As
far as `Armavia' operates flights to Russia, its aircrafts can be
arrested on the territory of the Russian airport, managing partner of
`Korelsky, Ishuk, Astafiev and partners' Law Company, Andrei Korelsky,
says, adding that `such actions can deteriorate relations between two
countries. At the same time, the writ of execution can be a good
argument in negotiations on buying the SuperJet.'
From: A. Papazian
Aug 17 2012
`Sukhoi Civil Aircraft' may sue `Armavia' if it doesn't pay off the debt for SuperJet
Yerevan/Mediamax/. Representative of "Sukhoi Civil Aircraft' (SCA)
threatened to sue "Armavia' if the latter doesn't pay off the debt for
purchased aircrafts.
As RBK daily reports, two SuperJets belonging to `Armavia' are
currently at the repair base of SCA test-flight complex in Zhukovsky,
because the aircraft operator hasn't paid for the scheduled repair
works for one of the aircrafts. SCA vice president Yevgeny Konkov said
this yesterday, adding that `Armavia' doesn't negotiate and pay for
anything.'
`In accord with contractual obligations we can sue `Armavia' for both
aircrafts,' said Konkov. He refused to name the amount of the debt,
noting that `taking into consideration its financial position, it will
be a significant amount for the Armenian air carrier.'
However, SCA can't take away the planes from `Armavia'. `The first
liner is in pledge. `Armavia' has put the plane in pledge in one of
the Armenian banks without informing us about it and without having
any right to do it. There are only two ways to return the planes-
either in court or in a pre-trial order,' Yevgeny Konkov noted.
According to him, it's not difficult to sue the Armenian air carrier
`as the contract was concluded in accord with Russian laws.'
According to non-official data, the first serial aircraft is put in
pledge at Ardshininvestbank as `Armavia' owes $1,2mln to the bank.
This plane is a security for a $3,4mln loan the air company has taken
to buy Bombardier.
At the same time, SCA and Vnesheconombank were ready to help `Armavia'
and invented a scheme to re-finance the company's debt, RBK reports.
`This was a loan-leasing scheme, Deputy Chairman of Vnesheconombank
Alexander Ivanov said. The financial position of `Armavia' is not
ideal. But we were ready to allocate a $40mln credit for 8 years to
finance the purchase of two aircrafts.' According to him, the
aircrafts were supposed to be released from pledge and re-registered
in the Netherlands. Very competent consultants were invited to carry
out the deal.
`We incurred costs for restructuring the deal, which, in accordance
with the agreement with `Armavia', should be compensated by the
Armenian air company, and we hope to resolve this issue in the nearest
future,' said Ivanov.
However, `Armavia' refused the deal and announced in early August that
it refused to buy the previously ordered aircrafts complaining on the
economic inefficiency of their exploitation. The air carrier stated
that it didn't have any debts to SCA. Early this week, Russian Prime
Minister Dmitry Medvedev ordered the ministries of Industry and Trade
and Foreign Affairs and the United Air Construction Corporation to
resolve the case by September 15.
Yevgeny Konkov believes that other air carriers in Russia and abroad
may get interested in the `Armavia's' aircrafts. According to him, one
of Indian carriers is interested in the liners. The company wants to
reconfigure the liner into a business-class plane. The market
participants assure this company is Aviotech.
As the edition reports, theoretically the court can resolve the case
in favor of the declarant and a writ of execution can be issued. As
far as `Armavia' operates flights to Russia, its aircrafts can be
arrested on the territory of the Russian airport, managing partner of
`Korelsky, Ishuk, Astafiev and partners' Law Company, Andrei Korelsky,
says, adding that `such actions can deteriorate relations between two
countries. At the same time, the writ of execution can be a good
argument in negotiations on buying the SuperJet.'
From: A. Papazian