apruzesse13
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Aerosvit Bankruptcy

Thu Jan 03, 2013 10:06 pm

Aerosvit "filed for bankruptcy
01/03/13
ImageNa website Uniform register of court decisions in Ukraine was reported decision by the judge of the Commercial Court in the Kiev region decision to initiate proceedings in the bankruptcy. Application has been submitted PJSC "Airline" Aerosvit "in the manner prescribed by the Law of Ukraine" About restoring the solvency of the debtor or the recognition of his bankruptcy. "

Together with a statement the airline put a certificate stating that the total amount of debt owed to creditors amounts to 4 270 million hryvnia, while the value of a business - 1 427 million hryvnia. In this regard, the simultaneous execution of creditors impossible.

The decision was taken on December 29.

Also on 29 December, the Office of the Economic Court of Kyiv region has been filed about the appointment of the liquidator, as which "Aerosvit" offers Talana Leonid. And this Court granted the application. Appointed the liquidator must make an inventory of the property of the company and submit this information to the court.

The next hearing will take place on January 23, 2013.
 
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BasilFawlty
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RE: Aerosvit Bankruptcy

Thu Jan 03, 2013 10:16 pm

Does that include Dniproavia, Donbassaero and Wind Rose? And are they still operating flights?
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redzeppelin
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RE: Aerosvit Bankruptcy

Thu Jan 03, 2013 11:08 pm

If you do the conversion, the court filings indicate debts of $530M, and places the value of the company at about $177M (both in USD).

Their website still looks like business as normal, but they have just been banned from SVO due to debts owed there, and another recent thread indicated lots of flights were getting cancelled:

http://atwonline.com/airports-routes...s-ukrainian-aerosvit-airlines-0103 Aerosvit Going Under? (by An225 Dec 23 2012 in Civil Aviation)

[Edited 2013-01-03 15:14:24]
 
BOACCunard
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RE: Aerosvit Bankruptcy

Fri Jan 04, 2013 12:24 am

A friend of mine flew JFK-KBP-TLV on VV about a week ago... So the airline was already in bankruptcy at the time he flew it... :p

I didn't know he was flying VV until after he made it to TLV. Knowing that VV was having trouble, I was happy to hear that he got there and doesn't have any more VV flights booked.
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Sukhoi
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RE: Aerosvit Bankruptcy

Fri Jan 04, 2013 12:28 am

ARN - KBP delayed until 01.00 from 16.00. I think they have too pay cash at ARN because of debts.
 
F9Animal
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RE: Aerosvit Bankruptcy

Fri Jan 04, 2013 6:59 am

Wow! This is sad news! Isnt Aerosvit one of the larger privately held carriers? Can the airline reorganize in bankruptcy there? Or does a bankruptcy there pretty much mean its over? Not familiar with Russian bankruptcy laws. I sure hope they survive, especially for the employees. Their service looks pretty nice too.
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flyingbird
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RE: Aerosvit Bankruptcy

Fri Jan 04, 2013 7:22 am

Quoting F9animal (Reply 5):
Not familiar with Russian bankruptcy laws.

Aerosvit is a Ukraine airline with it's mane base in Kiev, Ukraine.
 
Freshside3
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RE: Aerosvit Bankruptcy

Fri Jan 04, 2013 7:41 am

The timing of this is bad, with Austrian pulling out of Donetsk, as well. Lufthansa has been selling out quicker. Turkish has a really erratic schedule on IST-DOK, too.....with one day the flight will be 725am, and the next day it will be 615p. Similar type of deal with LOT's JFK-WAW, to mention another factor. Also, some reduction in frequency on overwater flights to a hub with useful connections to Ukrainian cities OTHER THAN Kiev. As a result, a bit more difficult to find a routing that works AND has space.
 
IwantaBBJ
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RE: Aerosvit Bankruptcy

Fri Jan 04, 2013 9:14 am

At the moment there are two flights operating:

AEW406 SVO-KBP
AEW262 IST-KBP

So the plug hasn't been pulled (yet)
 
BrusselsSouth
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RE: Aerosvit Bankruptcy

Fri Jan 04, 2013 9:15 am

I have flown Aerosvit on 4 distinct occasions (in 2010 and 2012), well, sort of since 3 out of the 4 flights were operated by their partner Dniproavia. The flights themselves were nothing bad (more or less on time and OK service, perhaps a bit of an outdated cabin on the 737).

However, for virtually every flight, the numerous (and sometimes dramatic) schedule changes (after I had booked) and poor automatic rebooking (connection leaving BEFORE inbound flight arrival) left me with the impression of poor scheduling procedures. Their online customer service was always helpful though.

Aerosvit gone would be a serious blow to the Ukrainian air travel market (and make KBP less colorful!).

Regards
BrusselsSouth
 
alespesl
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RE: Aerosvit Bankruptcy

Fri Jan 04, 2013 12:29 pm

Quoting FreshSide3 (Reply 7):
The timing of this is bad, with Austrian pulling out of Donetsk, as well. Lufthansa has been selling out quicker. Turkish has a really erratic schedule on IST-DOK, too.....with one day the flight will be 725am, and the next day it will be 615p. Similar type of deal with LOT's JFK-WAW, to mention another factor. Also, some reduction in frequency on overwater flights to a hub with useful connections to Ukrainian cities OTHER THAN Kiev. As a result, a bit more difficult to find a routing that works AND has space.

Try Czech Airlines. They fly to DOK as well.
 
Pe@rson
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RE: Aerosvit Bankruptcy

Fri Jan 04, 2013 12:39 pm

According to CH Aviation, which refers to a statement by Kiev Borispol, Aerosvit has ceased operating at noon today. Their last flight was apparently to Copenhagen.

[Edited 2013-01-04 04:44:06]
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Kiwirob
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RE: Aerosvit Bankruptcy

Fri Jan 04, 2013 1:02 pm

I can't say I'm sorry to see them go, they were a poor quality airline with terrible staff, so I can't even say I feel for the staff, they were probably part of the problem, I've had the misfortune to have to fly with the 5-6 times over the past few years.
 
brilondon
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RE: Aerosvit Bankruptcy

Fri Jan 04, 2013 1:14 pm

Quoting KiwiRob (Reply 12):

I can't say I'm sorry to see them go, they were a poor quality airline with terrible staff, so I can't even say I feel for the staff, they were probably part of the problem, I've had the misfortune to have to fly with the 5-6 times over the past few years.

I agree. They weren't very good as they always seemed to change the flight times and I rarely had any notice and I was generally not impressed by their service when they did fly you out on time. Don't even think about connecting on any of their flights, you would either arrive way too late to make your connection or your connection would leave early, real early with out you. Not a reliable way to travel to the oil fields in Siberia.
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b735
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RE: Aerosvit Bankruptcy

Fri Jan 04, 2013 2:04 pm

According to the Kiev Post the airline is not bankrupt, however Boryspil Airport have will not allow any take offs due to unpaid fee's:

http://www.kyivpost.com/content/ukra...to-absence-of-payments-318427.html

Same happened in Moscow and Lviv Airports earlier.


In another article the airlines refuses bankruptcy, maintaining they will fulfill their obligations:

http://www.kyivpost.com/content/busi...ilities-to-contractors-318439.html


B735
 
cedarjet
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RE: Aerosvit Bankruptcy

Fri Jan 04, 2013 2:17 pm

Sad for us, they were an unusual option for the Atlantic run, and to BKK / PEK - but the service was never very good - would it kill you to smile, or say thank you? So Europe's biggest country (by area) has no longhaul flights now? London and Dubai are the furthest you can fly from the capital, Kiev. Right?
fly Saha Air 707s daily from Tehran's downtown Mehrabad to Mashhad, Kish Island and Ahwaz
 
IwantaBBJ
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RE: Aerosvit Bankruptcy

Fri Jan 04, 2013 2:23 pm

 
superjeff
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RE: Aerosvit Bankruptcy

Fri Jan 04, 2013 4:14 pm

Quoting cedarjet (Reply 15):
Sad for us, they were an unusual option for the Atlantic run, and to BKK / PEK - but the service was never very good - would it kill you to smile, or say thank you? So Europe's biggest country (by area) has no longhaul flights now? London and Dubai are the furthest you can fly from the capital, Kiev. Right?

Well, there is still another Ukranian airline based in Kyiv: Ukraine International. They fly primarily 737's and offer a tolerable service level. Are they going to take over some of the routes AeroSvit had monopolies on? It can be extremely difficult to get to Kyiv from a lot of places, including the U.S., and especially if you're heading to places other than Kyiv, such as Odessa, Lviv, etc.
 
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AirPacific747
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RE: Aerosvit Bankruptcy

Fri Jan 04, 2013 5:18 pm

It is NOT a banktruptcy yet. It is a reconstruction. Aerosvit wants to protect themselves from being declared bankrupt by their creditors. They are trying to reach agreements with their creditors to remove some of their debt.

The statement on their own website is misleading.

I know this from an inside source high up in the hierarchy.

[Edited 2013-01-04 09:27:22]
 
airlittoralguy
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RE: Aerosvit Bankruptcy

Fri Jan 04, 2013 5:24 pm

How can they survive if they are not allowed to fly from KBP ?

If they actually disappear these liveries ( Aerosvit, Donbassaero, Windrose) will be greatly missed. They were some of the best in the skies these days ...
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AirPacific747
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RE: Aerosvit Bankruptcy

Fri Jan 04, 2013 5:26 pm

Also, this has no connection to the other Airlines owned by Kolomoyski just yet.
 
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redzeppelin
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RE: Aerosvit Bankruptcy

Fri Jan 04, 2013 6:09 pm

Quoting AirPacific747 (Reply 20):
Also, this has no connection to the other Airlines owned by Kolomoyski just yet.

Does that mean that Donbassaero and Dniproavia are unaffected? Can those carriers still operate at the airports where Aerosvit has been banned?
 
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AirPacific747
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RE: Aerosvit Bankruptcy

Fri Jan 04, 2013 6:55 pm

Quoting redzeppelin (Reply 21):

As far as I know, yes. I used to work as a pilot for Wind Rose. AFAIK they are so far unaffected.
 
bbiter
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RE: Aerosvit Bankruptcy

Fri Jan 04, 2013 7:07 pm

Flew SIF-KBP on PS this morning, arriving at KBP at around 08:35. Noticed 3 VV 767s parked next to each other, iced over. Same thing with a bunch of VV 737s, 3 Dniproavia ERJ's and 2 Windrose A320's. No activity around any of these aircraft and they all looked as though they had been sitting there a few days already.

Later in the day (13:40) when i flew out of KBP on DY1521 to OSL, all the mentioned aircraft were still where I had noticed them in the morning.

Not looking too good for the group it seems.
 
airproxx
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RE: Aerosvit Bankruptcy

Fri Jan 04, 2013 7:22 pm

One of their A32* was stuck in NCE this evening, saw it on the general aviation apron....
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AirPacific747
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RE: Aerosvit Bankruptcy

Fri Jan 04, 2013 7:26 pm

Quoting bbiter (Reply 23):
Noticed 3 VV 767s parked next to each other, iced over. Same thing with a bunch of VV 737s, 3 Dniproavia ERJ's and 2 Windrose A320's.

Could be a standard day though.. there are almost always at least three 767s parked at a remote stand there. But maybe you are right.

Edit:

A quick look at flightradar24 reveals that there are several aerosvit, donbassaero and even a windrose flight going on right now.

[Edited 2013-01-04 11:47:33]
 
transaeroyyz
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RE: Aerosvit Bankruptcy

Fri Jan 04, 2013 7:57 pm

Why didn't they stick to thier core revenue flights, instead of this needless mass expanstion in this past year, which has led this downfall for sure.
 
reifel
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RE: Aerosvit Bankruptcy

Fri Jan 04, 2013 8:57 pm

Was in WAW today. VV to Kiev was suppose to leave around 3 PM.
Flight is shown as "delayed". Check in counter was open and people were told that airline suspended operations. Nevertheless it was never marked as "cancelled" and is still "delayed".

I came back at around 7PM at the airport, and quite surprisngly the VV aircraft was there! It departed Kiev and came in to WAW somehow. That said, cabin lights were on, front door open, a few staff, but no passengers or any loading activity etc. And that was 5 hours after Scheduled type of departure. Plus the aircraft is parked on a apron position, but this may not mean anything. Doesn't look it can depart somehow. But this is speculation.

I am just wondering why they send planes to WAW, where they risk it to be blocked, because to me it looks like someone in WAW did not got the money and don't want the plane to leave.
 
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redzeppelin
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RE: Aerosvit Bankruptcy

Fri Jan 04, 2013 9:00 pm

They are reporting debts of about $530M. Does anybody know anything about how that breaks down? They allegedly owe more than $5M to SVO for fuel and security fees according to the ATW article and others. Could they owe that much at other stations as well? How much have that debt is aircraft financing? Is there a good fleet reference that would show which of their aircraft are onwed/leased/financed? The linked articles indicate that VV has assets worth about $180M. What assets do they have other than aircraft?
 
WROORD
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RE: Aerosvit Bankruptcy

Fri Jan 04, 2013 9:16 pm

I read that Ukraine Internations was taking over some of VV flights.
 
Skyeurope
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RE: Aerosvit Bankruptcy

Fri Jan 04, 2013 9:17 pm

Quoting reifel (Reply 27):
Was in WAW today. VV to Kiev was suppose to leave around 3 PM.
Flight is shown as "delayed". Check in counter was open and people were told that airline suspended operations. Nevertheless it was never marked as "cancelled" and is still "delayed".

VV208 from Warsaw is expected to arrive in Kiev at 23:53, so they did manage to leave WAW.
 
irshava
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RE: Aerosvit Bankruptcy

Fri Jan 04, 2013 9:19 pm

This will most likely mark the end of VV. PS will take over some of their routes.

You know that things are going wrong when you owe money to domestic airports and they ban you from flying there as LWO did.
“If you were born without wings, do nothing to prevent them from growing.”
 
irshava
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RE: Aerosvit Bankruptcy

Fri Jan 04, 2013 9:30 pm

Quoting AirPacific747 (Reply 25):
there are almost always at least three 767s parked at a remote stand there. But maybe you are right.

Yes, some with missing engines, others simply not utilized.
“If you were born without wings, do nothing to prevent them from growing.”
 
g2scandinavia
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RE: Aerosvit Bankruptcy

Fri Jan 04, 2013 10:52 pm

According to a contact, CPH are holding back an aircraft this evening due to unpaid fees at the airport.

Anyone know more?
 
JoeCanuck
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RE: Aerosvit Bankruptcy

Sat Jan 05, 2013 12:04 am

Quoting g2scandinavia (Reply 33):
According to a contact, CPH are holding back an aircraft this evening due to unpaid fees at the airport.

That's one way to pay off your debts...just leave aircraft at airports where you owe money.
What the...?
 
copenhagenboy
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RE: Aerosvit Bankruptcy

Sat Jan 05, 2013 10:01 am

Quoting g2scandinavia (Reply 33):
According to a contact, CPH are holding back an aircraft this evening due to unpaid fees at the airport.

Anyone know more?

It is confirmed by the airport.
 
HT
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RE: Aerosvit Bankruptcy

Sat Jan 05, 2013 11:14 am

Visually checked a moment ago (12:10h lt), the is a yellow and blue VV aircraft parked on a remote stand northwest of WAW's terminal building. Viewed from the Courtyard hotel it looks like a B737; it had been there already this morning around 10:00h.
-HT
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Skyeurope
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RE: Aerosvit Bankruptcy

Sat Jan 05, 2013 11:34 am

It seems like this should have been yesterday's VV208 WAW-KBP, which was expected to arrive in Kiev at 23:53. Today this flight is shown as cancelled on kbp.aero.
 
b735
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RE: Aerosvit Bankruptcy

Sat Jan 05, 2013 1:27 pm

CPH took a huge loos when Cimber Sterling collapsed last year. Cimber had, until the collapse, same owners as Aerosvit. According to the airport there is about US$ in unpaid fees and the airport wants to secure these in case Aerosvit folds.

B735
 
b735
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RE: Aerosvit Bankruptcy

Sat Jan 05, 2013 5:18 pm

US$ 100.000 that is!
 
TimRees
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RE: Aerosvit Bankruptcy

Sat Jan 05, 2013 6:32 pm

Quoting AirPacific747 (Reply 25):
One of their A32* was stuck in NCE this evening, saw it on the general aviation apron....

This was UR-DAC an orange liveried A320 of Donbassaero. I taxied past her leaving NCE on 2.1.13
 
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Thunderboltdrgn
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RE: Aerosvit Bankruptcy

Sun Jan 06, 2013 7:08 pm

Accrding to Flightradar24;

Quote:
Flightradar24.com ‏@flightradar24

At least 4 Aerosvit aircraft are being held back at CPH, ARN, WAW, TLV due to unpaid fees and bills.

https://twitter.com/flightradar24/status/287997149503975424
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WROORD
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RE: Aerosvit Bankruptcy

Sun Jan 06, 2013 7:13 pm

Quoting HT (Reply 36):
Visually checked a moment ago (12:10h lt), the is a yellow and blue VV aircraft parked on a remote stand northwest of WAW's terminal building. Viewed from the Courtyard hotel it looks like a B737; it had been there already this morning around 10:00h.

WAW is holding VV's 737 UK-KIV for unpaid bills.
 
apruzesse13
Topic Author
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RE: Aerosvit Bankruptcy

Sun Jan 06, 2013 7:56 pm

UR-KIV is actually part of Dniproavia fleet, not Aerosvit
 
irshava
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RE: Aerosvit Bankruptcy

Sun Jan 06, 2013 8:16 pm

PS is in the process of negotiating the labor of part of Aerosvit's cabin crew and are (supposedly) in talks to acquire some of the newer members of the fleet.
“If you were born without wings, do nothing to prevent them from growing.”
 
apruzesse13
Topic Author
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RE: Aerosvit Bankruptcy

Sun Jan 06, 2013 8:29 pm

Classic Ukrainian scheme! UIA is owned by same owner as Aerosvit. You transfer the good assets to UIA, leave the debt in Aerosvit and you continue as if nothing had happened!!
 
HT
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RE: Aerosvit Bankruptcy

Sun Jan 06, 2013 8:51 pm

It was funny to see today that LO's flight between WAW and KBP still has a VV-code on WAW's departure board.
-HT
Carpe diem ! Life is too short to waste your time ! Keep in mind, that today is the first day of the rest of your life !
 
BOACCunard
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RE: Aerosvit Bankruptcy

Sun Jan 06, 2013 10:15 pm

Quoting apruzesse13 (Reply 45):
UIA is owned by same owner as Aerosvit.

There's a statement on UIA's web site saying that isn't true, though that doesn't necessarily mean it isn't...
Getting There is Half the Fun!
 
reifel
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RE: Aerosvit Bankruptcy

Sun Jan 06, 2013 10:43 pm

Quoting Skyeurope (Reply 30):
VV208 from Warsaw is expected to arrive in Kiev at 23:53, so they did manage to leave WAW.

Strange, the aircraft was still sitting today in WAW on a remote position without any activity. Probably no one wants to cater/refuel/let them go.

What are they playing? Everyone can see that numerous flights are cancelled, delayed, aircrafts on the ground. They should tell the truth to their customers...
 
irshava
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RE: Aerosvit Bankruptcy

Mon Jan 07, 2013 2:06 am

Quoting BOACCunard (Reply 47):
UIA is owned by same owner as Aerosvit.

PS was owned by Austrian Airlines up until 2 weeks ago when the company was sold to a Cypriot based corporation.
“If you were born without wings, do nothing to prevent them from growing.”

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