OREANDA-NEWS. UTair Aviation and AO “ALFA-BANK” hereby announce that they have reached final agreement on restructuring of indebtedness of UTair group companies to AO “ALFA-BANK” and LLC “Alfa-Leasing” by way of extension of the financing tenors. The restructuring contemplates the full refinancing of indebtedness under the loan agreements, agreements for the issuance of letters of credit, agreements for the issuance of bank guarantees  and lease agreements out of the proceeds of two new loans provided by AO “ALFA-BANK” to UTair Aviation. The loans with 7 to 12 year maturities have grace periods for the repayment of principal, their terms are based on the joint financial model and follow the general principles of the overall restructuring of indebtedness of UTair group companies.

As a result of the agreement reached by UTair Aviation and AO “ALFA-BANK”, all claims filed by AO “ALFA-BANK” and LLC “Alfa-Leasing” against  UTair group companies under the loan agreements, agreements for the issuance of letters of credit, agreements for the issuance of bank guarantees and leaseg agreements shall be revoked and waived and the bank accounts and any other property of UTair group companies shall be released from arrest and seisure.   

"Reaching an agreement between AO “ALFA-BANK”and UTair group companies is an important step on the  way to the completion of the restructuring of the debt portfolio of UTair group companies, which will allow to implement the renewed strategy of the company aimed at increasing its  efficiency and consistent growth in future", - comment Andrey Martirosov, CEO of UTair Aviation and Maxim Pershin, co-head of the Corporate and Investment Department of AO “ALFA-BANK”.