The board of Aeroflot has been informed that Transaero shareholders, who previously submitted a tender offer to Aeroflot, have not submitted a proposal for the purchase by Aeroflot of a stake of 75% plus one share in Transaero within the deadline stipulated in the tender offer.
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The board also reviewed a progress report on measures undertaken to restructure Transaero during September 2015.
While disruptions in the civil aviation market and social tensions among Transaero employees have been avoided, the board noted this and decided not to extend the terms of the tender offer from Transaero shareholders that the Board of Directors considered on September 3.
The board therefore directed Aeroflot’s management to ensure that Transaero fulfils its obligations to passengers, and also to minimise any negative social consequences for Transaero staff.
The board also granted permission to Aeroflot’s management to use PJSC Aeroflot’s own funds to stabilise Transaero within established limits.
Aeroflot CEO Vitaly Saveliev said: "Aeroflot undertakes that all obligations to Transaero’s passengers will be fulfilled. Passengers will be guaranteed transportation or a refund in the event that a flight is cancelled".
All Transaero tickets on both domestic and international routes will be honored through 15 December 2015 inclusive. Aeroflot’s assessment is that by this time approximately 95% of outstanding Transaero passenger tickets will be used.
Transaero tickets for travel after December 15, 2015 are eligible for a full refund. Refunds for unused Transaero tickets purchased as a tour package shall be made by the relevant travel agencies.
Information about the process for receiving refunds for tickets acquired through Transaero sales offices and via the company’s website will be posted on Transaero and Aeroflot’s websites, as well as publicized through the media, in the near future. ■
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