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04.10.2011   А1 press-releases

A1 is Unilaterally Continuing to Finance Avianova in Order to Discharge the Firm’s Obligations to its Passengers

A1 Investment company is pleased to announce that it is continuing to finance the business of THE AVIANOVA airlines in a sum sufficient to discharge all obligations to passengers, including making flights (up to 9.10.2011 inclusive), and return money for tickets sold. A1 management has taken this decision because of the high social significance of this project, acknowledging Avianova’s responsibility for the obligations it assumed in respect of passengers and society as a whole.

A1 Investment Company announces that as one of the two main shareholders in AVIANOVA (the other being the American fund Indigo Partners) it has done everything possible to find constructive solutions to keep the company going, including recently being solely responsible for financing AVIANOVA’s business so as not to allow the project to be closed down.

A1 has provided AVIANOVA with substantial financial help and transferred funds for the partial payment of creditors, counting on equal participation in this process by the air company’s other shareholder – the American fund Indigo Partners.

A1 treats its partners with respect, but the de facto decision by Indigo Partners to cease further financing of AVIANOVA’s current and future business prevented any further development of the air company. Nevertheless, recognising its social responsibilities, A1 felt that it could not leave Avianova in the lurch, and expresses its confidence that the air company will discharge all the obligations it has assumed towards its passengers.

A1 remains convinced that there is demand on the Russian market for the “low-cost” air company model, since it makes flights accessible for millions of Russian citizens, giving them the opportunity to use the modern and convenient mode of transport at minimum prices. This is confirmed by Rosaviatsia’s official data – in just two years of flying Avianova went from 150th to 11th place among all Russian airlines by numbers of passengers carried.

Likewise A1 Investment Company does not exclude potential interest in the development of similar projects in Russia in the future.