Russia’s Sky Express may sell controlling stake to BasEl - paper

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Shareholders of Russia’s first low-cost airline Sky Express are negotiating the sale of a controlling interest in the air carrier to Basic Element, an investment vehicle of Russian tycoon Oleg Deripaska, business paper Kommersant reported on Tuesday.

 

Shareholders of Russia’s first low-cost airline Sky Express are negotiating the sale of a controlling interest in the air carrier to Basic Element, an investment vehicle of Russian tycoon Oleg Deripaska, business paper Kommersant reported on Tuesday.

The deal, if implemented, will allow BasEl to restart its previously unsuccessful project of developing Kuban Airlines, an air carrier based in the Krasnodar Territory in south Russia, and help Sky Express avoid the revocation of its license by the Russian aviation watchdog Rosaviatsia, the paper said.

It was reported last week that Rosaviatsia was planning to withdraw Sky Express’ license due to a large number of delayed flights, the paper said.

A source close to the negotiations on the deal told the paper that the parties could reach an agreement in the foreseeable future.

The possible sum of the transaction and the scheme of its implementation were not disclosed.

MOSCOW, July 27 (RIA Novosti)

 

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