The Russian low cost carrier which was a joint venture between majority shareholder, Russian investment firm Alfa-1 and US investment fund Indigo Partners, ceased operations at one minute past midnight on 10 October 2011, after Indigo Partners announced that it was freezing all funding for the carrier. The dispute between the two factions came to a head in June 2011, when Avianova's English expatriate Chief Executive and several senior managers were forcibly removed from, and thereafter denied access to the airline's Moscow offices, as the Russian majority owners put their 2% shareholding advantage to good effect. The airline had stopped selling tickets on 3 October 2011 and operated its last flight on 9 October 2011. The carrier's six Airbus A320 aircraft are to be returned to their lessors; Aviation Capital Group (3 aircraft), ILFC (2) and RBS Aviation Capital (1). The airline's stand-in general manager has denied reports that Avianova is to start bankruptcy proceedings although there are clearly no prospects of it resuming services with new aircraft in the foreseeable future.
Thu, Oct 13 2011 4:52 PM
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