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Aeroflot plans $3bn emergency money infusion

Aeroflot
Russian state flagship airline Aeroflot is planning to lift as much as 185.2 billion roubles ($3bn) in an emergency share subject, it mentioned.

Aeroflot, managed by the Russian state, on Tuesday mentioned shareholders at its annual assembly had authorized the issuance of 5.42 billion new shares that might be purchased at a worth of 34.29 roubles ($0.56) every beneath an open subscription.
The airline additionally plans to order 300 plane from United Plane Company, which is majority-owned by Rostec, Russia’s state aerospace and defence conglomerate, the Vedomosti enterprise newspaper reported.

The paper, citing two sources, mentioned Aeroflot was eyeing the Irkut MS-21 medium-range airplane, often known as the MC-21, which might carry greater than 200 passengers and is because of enter service this yr.

Aeroflot additionally needs the Sukhoi Superjet 100, Russia’s major domestic-made passenger jet, which generally seats simply lower than 100 passengers. A smaller variety of orders can be made for the Tupolev Tu-214, which seats about 200 folks, it mentioned.

With passenger numbers nonetheless down by a 3rd in contrast with pre-coronavirus ranges at first of the yr, the corporate has since been severely hit by Western sanctions.

The European Union, United States, United Kingdom and Canada have shut their airspace to Russian planes, reducing Aeroflot off from profitable flights to Western markets.

Airbus and Boeing – which accounted for all however 10 of Aeroflot’s 187-strong fleet at first of 2022 – have halted the provision of plane components and companies to Russian carriers.

In response, Aeroflot opted to not pay dividends on its 2021 earnings and has not revealed first-quarter outcomes for this yr, shielding itself from having to disclose the monetary toll of sanctions.