"AeroSvit" restores payment regularity to counterparties

"AeroSvit" continues negotiations with "Sheremetyevo" airport to restructure the debt taking into account its main body acquittance until December 10. In this context, "AeroSvit" reaffirms its intention to continue performing flights to this Moscow airport. The company is ready to support with its traffic the leading positions of "Sheremetyevo" among European airports in terms of passenger traffic increase (ACI EUROPE rating data for the category of airports with passenger traffic 10 to 25 million per year).

Previously, due to capital entry delay on "AeroSvit" account in the season of low demand, payment schedule for air navigation facilities and services in several airports was disrupted. For this reason, recently several flights were delayed, and airline presented its apologies to passengers.

"AeroSvit" intends to compensate the traditional decline of profitability in winter navigation in airline industry by increasing the efficiency of operation activity.

The company has deepened cooperation with partner carriers by increasing geography of joint passenger delivery, stimulating the creation of new passenger flows and increasing flights capacity.

Simultaneously "AeroSvit" launched a program aimed at reducing costs on passenger handling, ramp handling and other services. In particular, contracts renegotiation with service operators in several airports is in process, passenger and aircraft ground handling at "Boryspil" airport is preparing to be transferred to outsourcing.

"AeroSvit" management is also preparing a major restructuring plan and will soon submit it to the company's shareholders.