Six-year schedule for $5.3m repayment(200 words)

Published: 9/13/2000

On 25th August, Tyumenaviatrans reached an agreement regarding the restructuring of its large debts to the federal authorities that, last year, threatened the carrier with bankruptcy for non payment . The restructuring involves the repayment of the principle debts over six years and the $4m of fines for non-payment within four years of the repayment of the principle debt. The repayment schedule of the outstanding $5.3m will run alongside the airline's current tax liability that is paid quarterly. According to Inessa Gousseva, of Tyumenaviatrans, the airline may accelerate repayment and endeavour to clear the debt within four years, as early repayment will result in the cancellation of penalties. TAT reported that, in 2Q00, it cleared the 1999 pension debts of Rb 2.18 m ($0.8 m) under a restructuring agreement, signed at the end of 1999, with the pension authorities and currently has no debts to the pension funds of Khanty-Mansiisk Autonomous districts and Yamalo-Nenez autonomous district. The company is also reported to have paid its debts to the Fund of Mandatory Medical Insurance as of 1st June 2000. According to a source within Sovlink - a financial company closely linked with the airline - TAT's shareholders deliberately appointed a person from the local administration to the board of TAT, in order to assist the company in getting agreement with tax authorities on debt restructuring and so remove the threat of imminent bankruptcy by the tax authorities for unpaid debts.

Article ID: 2073