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31.08.2017 Sergei Bakeshin, Senior Associate

Sergey Bakeshin has provided his comments to DP on the insolvency of Transaero

DP.ru has published an article on the topic of the insolvency of airline Transaero and the first meeting of the company’s creditors.  VEB-Leasing, which is owed more than 40 billion roubles by the airline, is trying to seize from Sberbank the initiative in the proceedings.

As the article notes, in the insolvency case of the airline, the first significant skirmish between creditors for control of the insolvency proceedings has begun.

The largest creditor in the matter, Vnyeshekonombank, which holds almost a quarter of the 202 billion roubles of debt of the insolvent company, with the support of other banks, has opposed the interim administrator appointed by Sberbank.  Should the parties succeed in wrestling away control from Sberbank, control over the proceedings will pass to Vnyeshekonombank.  If the meeting is frustrated, the Court could appoint an interim administrator, Mikhail Kotov, who is favourable to Sberbank, to act as a receiver.  In such an outcome, according to DP.ru, Sberbank will remain at the helm of the insolvency proceedings.

Senior Associate and Head of the Dispute Resolution department at Maxima Legal, Sergey Bakeshin commented that “the acting administrator has the same powers as a normal insolvency administrator.  It is unlikely that he can do a lot in the proceedings where such serious creditors operate, but something could be achieved, for example, to initiate a challenge to some transactions or seek to establish directors’ subsidiary responsibility for the debt."

For the full version of the article (in Russian) click here.

 

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