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Avialeasing and UTair in court dispute
25 November 2011
Russian leassor Avialeasing says it filed for bankruptcy after its only customer, UTair, stopped paying lease rentals.
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Avialeasing
Utair
Russia
leasing
Victor Novikov
Russian lessor Avialeasing says non-payment of lease rentals is to blame for its bankruptcy.
Airfinance Journal reported that the leasing company had filed for bankruptcy earlier this month. Read more here.
Victor Novikov, vice-president, Avialeasing, says that a dispute with Russian carrier UTair over aircraft maintenance and lease payments has meant that the company has had no positive cash flow since early summer.
Avialeasing alleges that in June, top managers at UTair fabricated documents to show that two Tupolev 154m aircraft leased from Avialeasing had been overhauled. Avialeasing says UTair and its subdsidiares are not licensed to overhaul aircraft,...
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