What is happening with Transaero? This question still does not lose its relevance among Russians who prefer to travel by air. And it is really urgent, since the services of the above airline were used by a huge number of people. The geography of her flights is vast: India, Egypt, Turkey, Tunisia and so on, so on, so on. What happens to Transaero, the company that was the largest player in the domestic transportation market? The company managed more than 100 aircraft, and the 2014 profit amounted to a fabulous amount - 114 billion rubles. Why did a “thriving” carrier suddenly go bankrupt? What is happening with Transaero today? Consider these issues in more detail.
Company owners
The airline Transaero was established in late December 1990. Its owners were the son of the Minister of Radio Industry of the Soviet Union Alexander Pleshakov and the head of the Interstate Aviation Committee Tatyana Anodina.
Until the last days of the airline’s existence, its executive director was Alexander Pleshakov, and the wife of Olga Pleshakova, the wife of the board of directors of the commercial structure.
Reasons for the collapse
The situation regarding what is happening with Transaero can be described simply to the point of banality. The company suffered bankruptcy. But the financial fiasco never arises from scratch. Its reason is a short-sighted and irrational leadership style. Airline owners have so unbalanced levels of income and expenses that experts are still trying to figure out what really happened with Transaero.
The beginning of the crisis
Meanwhile, the carrier has had financial problems for a long time. Back in the period from 2007 to 2009, the amount of debt increased from 10 to 32 billion rubles.
True, by 2014, the situation was somewhat leveled out. The desire of management to enter the stock market contributed to the destabilization of the financial situation. However, to put this idea into practice proved to be quite problematic, and experts immediately suspected that the financial statements of the carrier were “opaque” in nature. In addition, the value of the company itself was unreasonably high. But these are not all the pitfalls of what actually happened with Transaero. Perplexed was the feigned optimism of the owners: they say things are going fine. Olga Pleshakova personally stated that Transaero does not need additional assets, therefore, there is no need to place securities. One way or another, but the audit companies that were involved in checking the financial documentation of the air carrier signed reports with huge reservations.
Crisis intensifies
By the end of 2014, analysts had finally predicted the extent of what was happening with Transaero. Her financial situation was simply terrifying.
The total amount of debt to creditors reached astronomical figures - 250 billion rubles, with financial claims from refueling structures and air carriers amounting to 20 billion.
About 150 billion rubles is a debt on leasing obligations, and more than 30 aircraft are owned by credit institutions: VTB, Vnesheconombank, Sberbank. And Transaero had debt obligations to banking institutions - their share amounted to about 80 billion. Among the lenders were a number of financial organizations: Moscow Credit Bank, Russian Agricultural Bank, VTB, Sberbank, Alfa Bank, Otkrytie FC, Promsvyazbank, MTS Bank. It would seem that the state should look into the situation, because it sees what is happening with Transaero, and is surely able to help solve the financial crisis. However, officials were in no hurry to intervene in the affairs of the largest participant in the air transportation market. Why?
Human factor
As already emphasized, the financial collapse of Transaero is the work of the company's management, which for many years tried by all means to increase the prestige and significance of its brainchild, presenting it as "the best of the best."
However, in reality it was not such, and it was often necessary to get dust in the eyes using PR technologies. Despite the fact that Transaero had huge debts to creditors, the owners of the company continued the action called “Discount Ticket Sales”. At the same time, the partners of the airline strongly opposed the fact that they fulfill obligations on credit. Pilots and flight attendants were well aware of what was happening with Transaero Airlines, but its leadership was trying to build a model that would be another argument in favor of the fact that the departure of her offspring from the market would lead to the collapse of an entire industry.
Ways to Get Out of the Crisis
At the end of 2014, the aforementioned air carrier receives a loan of 9 billion rubles from VTB Bank under state guarantees. However, officials for quite a long time understood what really happened with Transaero, and chose not to intervene anymore.
The assistant to the head of the Russian Cabinet of Ministers Arkady Dvorkovich said that it is very difficult for the government to understand what financial upheavals are taking place inside the airline, and, due to the lack of transparency in this matter, to provide financial support to Transaero is an incorrect measure. Minister of Economic Development Alexei Ulyukaev supported his colleague, emphasizing that financially supporting inefficient management does not make any sense.
Aeroflot
Soon, real progress was made in solving the problem. Aeroflot became interested in the bankrupt company. This aviation giant, in practice, watching what was happening with Transaero flights, was ready to acquire a controlling stake in the bankrupt carrier. Aeroflot offered a symbolic amount for securities - 1 ruble, but the deal did not take place. Why? Firstly, the state no longer intervened in the situation, and secondly, the owners of the shares were unable to “collect” the necessary 75% plus 1 security into a common array.
And thirdly, lenders were not satisfied with the restructuring plan proposed by Sberbank. The government had no choice but to decide on the financial insolvency of Transaero. However, the bankrupt himself had to fulfill his obligations to customers, but at the expense of the efforts of other carriers.
What are the conditions of the passengers
Of course, the news of the bankruptcy of the country's largest airline was not kept secret. Until now, many are trying to figure out what is happening with Transaero passengers. Officials of the Russian Ministry of Transport hastened to reassure tourists that the obligations the bankrupt company had undertaken would be fulfilled by other carriers, including Aeroflot, S-7, UTair, Ural Airlines, and Orenburg Airlines. However, you should keep in mind the reservation: if a ticket was purchased for a flight with a date until December 15 of last year, then it will take place. If he bought later than the above date, then the passenger will be returned its value. Moreover, on the Internet portal of Transaero, you can find detailed instructions on how to return a ticket and get your money. If you purchased it via the Internet, then all return operations should also be done via the Web. If the ticket was purchased at the offices of Transaero, then you need to go there.
Those who purchased it from a tour operator need to pay a visit to him. If you took tickets at Transaero ticket offices, you will only have to return them there. Employees of the airline said that the money for the ticket will be refunded from 14 to 30 days from the date of application.
What do employees do?
In a difficult situation were those who worked in a bankrupt airline. The question of what happens to Transaero employees is also of interest to a huge number of people. Today, pilots, stewardesses of a bankrupt airline cannot get a job, hoping that sooner or later they will be paid wages. Some pilots still manage to get a job in foreign airlines, while cabin crew still have financial difficulties. Aeroflot and the new integrated Rossiya airline will help to partially solve this problem.
Conclusion
Experts say that even such a powerful structure as Aeroflot is unable to cope with the debt burden that Transaero has built up. However, no serious social consequences will follow. Until the middle of December last year, almost all obligations for cargo transportation within the framework of purchased tickets were to be fulfilled; some passengers received money for them.
Aircraft listed on the balance of Transaero will become the property of Aeroflot. Part of the property will be sold at auctions. Lenders will certainly suffer huge losses. Experts say that today each airline, which has its own fleet of aircraft and a desire, can fly in the directions that Transaero previously served.