“GenAviaInvest is a minority shareholder in AeroSvit and it is not represented in the management bodies of the airline. All powers in managing the airline’s operations are focused in hands of other shareholders,” Pinchuk’s EastOne investment and consulting group told Interfax-Ukraine.
EastOne added that AeroSvit did not inform its large minority shareholders on plans to initiate a bankruptcy case and file a claim on December 29, 2012.
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The press service of the State Property Fund also told Interfax-Ukraine that the state is removed from the management of AeroSvit, and the airline is unwilling to respond even to information requests from the fund. The reports of the opening of a bankruptcy case at the initiative of the airline were a surprise to the fund, which was not successful in selling its minority stake in the airline.
The two minority shareholders found it difficult to say if any actions to protect the value of their stakes in AeroSvit are being made in connection with the opening of the bankruptcy case and the worsening of the situation with the airline.
As reported, in its appeal to open a bankruptcy case, AeroSvit said that the airline had a debt of UAH 4.27 billion to its creditors. According to the balance sheet as of September 30, 2012, the total assets of AeroSvit stood at UAH 1.467 billion.
The airline also said that the submission of the claim was made as a part of its restructuring to launch a readjustment procedure, restore the airline’s solvency and ensure the fulfillment of its liabilities to creditors.
However, the number of flights canceled by the airline is growing. More and more problems with aviation authorities, airlines and airports from different countries appear, and there is no flight schedule for the period after January 14, 2013.
The second largest Ukrainian airline – Ukraine International Airlines (UIA) has started performing flights on some AeroSvit’s routes and in spring 2013 it will increase their number. The co-owner of UIA Aron Maiberg and the controlling co-owner of AeroSvit Ihor Kolomoisky denied to the Forbes Ukraine publication rumors that Kolomoisky had allegedly become a shareholder in UIA.
The shareholder conflict at AeroSvit worsened in 2009, when the SPF said that it planned to sell its stake for UAH 17 million. Then Kolomoisky first said that he was a shareholder in AeroSvit and believed that the price was set too low. In November 2009, the acting head of the State Property Fund, Dmytro Parfenenko, said that structures affiliated with Kolomoisky bought a stake in AeroSvit from Maiberg and built up a controlling stake. The fund decided not to sell its stake in AeroSvit.
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