UTair gets $21m loan

Source: Flightglobal.com
This story is sourced from Flightglobal.com

UTair Airline has signed a $21 million credit facility with ROSSIYA Bank. The term is 12 months.

The bank says providing loans to the largest enterprise of real sector of the Russian economy is one of the key directions that allow to provide nonstop production and sustainability of its clients.

According to ACAS database, UTair operates a 112-aircraft fleet, including 14 ATR42s, three ATR72s, nine Boeing 737-500s, 32 Tupolev 134s, 24 Tupolev 154s, 12 Yakovlev 40s, 17 Antonov 24s and one Antonov 74.

UTair's net profit plummeted more than 80% in 2008 to 75.8 million rubles ($2.26 million). In Russian Accounting Standards, the company reported a 410 million rubles net profit in 2007.