UPDATE: UTair waits for approval of new loan payment schedule

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MOSCOW, May 28 (PRIME) -- Troubled airline UTair is waiting for approval of a new loan payment schedule, a spokesperson for the airline told PRIME on Tuesday.

“UTair receives a stable profit from operating activities and will smoothly perform all flights. The company is in a constructive dialogue with creditors: it takes into account their conditions, agreed to an auditor from the “big four” for independent appraisal of its financial model and is waiting for approval of a new loan payment schedule,” the spokesperson said.

RBC Daily reported on Tuesday citing sources that UTair offered a new plan to its creditors that implies prolongation of 31.4 billion rubles of loans for 35 years at 0.01%.

Russia’s biggest lender Sberbank confirmed receiving a new debt restructuring plan from UTair.

“We confirm receiving new offers from UTair,” Deputy CEO Anatoly Popov said, adding that detailed comments on the issue were premature.

(64.4636 rubles – U.S. $1)

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