Bankruptcy procedures launched for another Kolomoisky airline

Donbassaero bankruptcy will protect the airline temporarily from a reported UAH 360 million in debts

News and commentary from Ukraine Business Online

KYIV, Jan 14, 2013 (UBO) – In the latest of a series of legal actions relating to the interests included in the Ukrainian Aviation Group, the Economic Court of Donetsk Region has opened bankruptcy proceedings against Donbassaero airline, controlled by Ihor Kolomoisky, head of the Privat group of companies that include Ukraine’s largest, PrivatBank.

The information obtained by Kommetarii was contained in a court judgment dated January 10, as follows: "Thus, the court decided to impose a moratorium on meeting creditors' demands. Specifically, the debtor rehabilitation procedure was introduced for six months until July 9; the head of rehabilitation and the debtor's asset manager were appointed.”

A preliminary court hearing for consideration of the creditors' claims is scheduled for March 27 this year.

According to the Donbass.ua website editor, Hanna Molchanova, the airline owes more than 360 million UAH. “Donbassaero commenced the bankruptcy procedure. It was ordered to discharge everybody by March 20," Molchanova wrote on her Facebook page.

The Economic Court of Kyiv Region on December 29, 2012 ordered the start of proceedings on the case of bankruptcy of AeroSvit. Since that time, the implosion of AeroSvit services has left hundreds of AeroSvit passengers stranded for varying periods of time in venues as far flung as Budapest, Hungary, New York City, Ho Chi Mihn City in Vietnam and Bangkok, Thailand.

Dniproavia, together with AeroSvit and Donbassaero, are included in the Ukrainian Aviation Group alliance, which makes charter and regular flights in Ukraine, as well as North America, China, Europe, Southeast Asia and the Middle East.

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