Another one bites the dust: Polet Flight

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Polet (YQ, Voronezh Chertovitskoye) suspended both passenger and cargo operations on November 24 following which a Moscow Arbitration Court on Friday, November 28, placed the carrier into administration. The move stems from a failure to reach an agreement with creditors concerning the fate of two An-124s, RA-82068 (msn 9773051359127) & RA-82077 (msn 9773054459141).

Russia's Kommersant newspaper says the carrier has been unable to resolve claims for RUB163million in unpaid leases filed by Tehnolizingsteyt and Aerotraslizing; two firms belonging to billionaire Alexander Lebedev. The two freighters were financed by Mr Lebedev's companies in tandem with the Ilyushin Finance Co (IFC). Polet reportedly failed to adhere to a court appointed repayment plan outlined in a 2013 ruling.

In a bid to secure its dues, the IFC has attempted to have Polet declared bankrupt.

Cash flow flow problems have also resulted in the carrier suspending its passenger services owing to a RUB30million (USD0.597million) debt owed to Voronezhavia, the operator of Voronezh Chertovitskoye airport.

Alongside its freighters, Polet had operated a fleet of five Saab 2000s and five Saab 340Bs on passenger flights connecting Belgorod, St. Petersburg, Moscow Domodedovo, Munich, Yerevan, and Voronezh Chertovitskoye.

http://www.ch-aviation.com/portal/news/33306-russias-polet-suspends-operations