UTair on verge of bankruptcy as creditors circle

UTair on verge of bankruptcy: Western Siberia’s UTair was teetering on the brink of insolvency today after one of its creditors Avialeasing filed for it to be declared bankrupt. The airlines current troubles began last months when it technically defaulted on the paymen of two bond issues worth $59m. It began to run into trouble earlier in the year with the weakening of the rouble began to weaken. UTauroperates scheduled domestic and some international passenger services, scheduled helicopter services as well as extensive charter flights for Western Siberia’s oil and gas industry. BFM