Rus News Journal

Aeroflot push in a debt hole

management of actives

Yesterday it became known that Vneshtorgbank (VTB) considers delivery possibility to Aeroflot the credit in $150 million This money can be used both on purchase foreign aircraft technicians, and on the repayment of actions of airline at one of co-owners, Millhouse Capital UK Ltd. Anyway Aeroflot taking the credit, will get to dependence on bank which completely copes the state.
the information on possible granting of the credit of airline has caused both in bank, and in Aeroflot the present alarm. Responsible for dialogue with the press employees invented smart formulations from which it was impossible to understand, there are negotiations or not.
Zamgendirektora Aeroflot the Lion Koshljakov has declared that the airline is not going to take $150 million at VTB, as The credit portfolio for 2003 is already confirmed by board of directors which does not plan the further loans, and furthermore in such size . However volume confirmed loans and their source mister Koshljakov did not name.
representative VTB Tatyana Golodets has informed that the bank did not hand over in news agencies the information on the credit to Aeroflot . But on a direct question, whether carries on bank negotiations with airline, madam Golodets has not given the negative answer, having limited to a phrase without comments .
Agencies the Prime - TASS and Rosbizneskonsalting handed over this information, refer to a certain source in aviation circles. Thus both agencies give out different versions of use of money. On one of them, the credit will be directed on re-structuring of park of foreign aircrafts Aeroflot . Obviously, it is a question of maintenance of solvency of the company on leasing payments for 18 srednemagistralnyh Airbus A319/ 320 and 9 Boeing 767 - 300ER which should arrive soon in Aeroflot . In the beginning of year airlines really have problems with spare cash. However if to start with standard leasing rates, Aeroflot now in a month spends for leasing payments no more than 16 million
the Interrogated share analysts do not see the reasons to take such large loan. The airline can solve a problem of re-structuring of fleet independently, at the expense of circulating assets. Besides, at Aeroflot there is such financial reserve as the royalty in annual volume in $200 million Is the sums, which Aeroflot receives at the western airlines for a concession to them of the commercial rights to flights.
Under other, more plausible version, the airline is going to spend money for the repayment of 26 % of the actions at the largest minority shareholder Millhouse Capital UK Ltd. Date of the conclusion of the credit agreement the agency names on February, 14th. A press - secretary Millhouse Capital UK Ltd. Alexey Gajdin has declared that the company considers possibility of sale of actions Aeroflot . However from the answer to a question, whether will be the buyer of actions himself Aeroflot or its managers, mister Gajdin has evaded.
it is possible to assume that in this case got papers become pledge under the credit. And the formal buyer (and the addressee of the credit) can become both airline, and its top - managers.
analyst OFG Elena Sahnova considers that to Aeroflot there is no sense to take the shares at Millhouse, as it omertvlenie the capital . However for the state, whose interests are represented by bank, such transaction can appear rather favourable. Now papers Aeroflot have gone down in price - it is a high time for returning by the complete control state over airline.
this transaction if it is really planned, would be favourable also companies Millhouse Capital which and has not received due return from investments in national airline, and to the state which till last moment could not settle up to the end division of powers among themselves and private shareholders. We will remind that Millhouse Capital some times tried to call extraordinary meetings of shareholders to expand the representation in board of directors.
will watch succession of events.
IGOR - FROLOV