Financial Troubles for Russian Airline
- New Europe Investor
- January 08, 2015
Russian Airline, AK Bars Aero will end all scheduled passenger services from 12th January.
The airline, which is headquartered at Bugulma airport, stated the key factors that played a role in the decision.
The action was taken following the slump in the ruble and subsequent economic troubles. This had led to a vast reduction in the numbers of bookings received by the airline.
Reservation for tickets had been closed from 29th December last year.
The airline was keen to stress that they are not in a situation of bankruptcy or going into liquidation. The reason, it says, for halting bookings was ‘not to generate losses’ from further bookings.
AK Bars Aero will be keeping their maintenance basis open at Bugulma and two other locations. The airline will also be leasing out their fleet of aircraft to other airlines.
The Russian Airline was formally part of Tatarstan Airlines, but was taken over by AK Bars Aero in 2013 when they had their license revoked.
It ran 39 routes from 29 destinations on a fleet of 17 aircraft. The airline, which ran primarily in Western Siberia and Central Russia operated at one airport abroad, in Baku, Azerbaijan.
The daily service between Moscow Domodedovo and Bugulma will be taken over by Yamal Airlines. This service will resume on 14th January.