Ak Bars Aero hits turbulence and suspends flights

Ak Bars Aero: The devaluation of the rouble and a decline in passenger traffic has forced Tatarstan’s sole carrier  Ak Bars Aero to suspend operations as from today (12 January).  The suspension is expceted to  last until around the end of March. Established in 2010, Ak Bars Aero was operating  40 regular internal flights and owned 40 aircraft, some of which are to be leased to other airlines. Transaero and Utair, Russia’s second and third largest airlines, are also experiencing financial problems. In late December, Transaero was given state guarantees of up to RUB 9bn for a loan from VTB Bank. ITAR TASS