Russia’s Polet Airlines, which has been suffering from financial woes for some time, had its air operator’s certificate (AOC) pulled by Russia’s Federal Air Transport Agency, Rosaviatsia, following a suspension at the end of 2014 for mounting debt. The Russian authorities can reinstate the AOC after three months, if the carrier satisfies its deficiencies and violations.
As reported in our sister publication Cargo Facts in September 2014, the carrier had to return at least one of two of its An-124 freighters after losing a long court battle with the aircraft’s lessor, Ilyushin Finance Corp. IFC claimed that Polet owed it US$9 million in back payments on the lease. Polet’s two IFC-leased An-124-100s were seized and grounded.
Last December, Polet stopped scheduled passenger flights, but planned to resume scheduled freight services before the end of 2014 CEO Anatoly Karpov said he was searching for new investors to stabilize the airline’s financial situation at that time. Karpov owns 100 percent of the shares in Polet, but said he was ready to sell up to 49 percent of the carrier’s shares. But no investors have come forward, thus leading up to the loss of the AOC.
Russian authorities have the option to reinstate the AOC should Polet satisfy its deficiencies and violations.
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