Russia’s second-largest carrier Transaero Airlines has received a three-year, 9 billion ruble ($164 million) credit guarantee granted by the Russian government.
Transaero specifically thanked Russia’s finance and transport ministries, as well as the Federal Air Transport Agency and Vnesheconombank, for supporting new guarantees for loans it has with government-backed JSC VTB Bank.
The carrier agreed to a government demand that it should freeze domestic air fares and reduce them by between 5% and 7% on routes where it is the sole operator.
Transaero, which has a fleet of 103 aircraft, began to implement a “comprehensive set of measures” in November, aimed at enhancing its operational efficiency “in the rapidly changing current business environment”.
It is expected that the key measures will be implemented within three to six months.
Transaero will increase flights to Southern resorts within the Russian Federation as well as to to Russia’s far east from Moscow and St Petersburg.
“The airline will continue to strengthen its co-operation with its long-term partners – in the first instance, with the largest Russian travel operators focusing on tourism programmes to destinations in the South of Russia,” the carrier said.