The head of Sberbank, German Gref, admitted the possibility of bankruptcy of Transaero if the airline’s creditors do not accept the debt restructuring scheme, RIA Novosti reports .

“Aeroflot is assessing all accumulated loan obligations,” Gref said. He noted that Transaero and Aeroflot should offer creditors options for repaying debts after September 28, Interfax reports .

“Now the order is this: Aeroflot is trying to figure out what it received for the inheritance. We are helping him with this, trying to develop our own model, trying to understand how we can work with this debt, how much debt can be serviced, how many planes need to be grounded, and whether it is generally possible to restructure this debt on any acceptable terms for creditors.” , said the head of Sberbank.

According to him, after receiving all binding offers, Transaero's creditors will also receive Aeroflot's proposals for debt restructuring.

“If creditors do not accept this, then other processes will begin - processes of bankruptcy, financial recovery and so on,” Gref said.

He emphasized that even in this case, Aeroflot will ensure the fulfillment of all Transaero’s obligations to passengers and employees. “These are the conditions that were formulated as politically important by the government,” explained the head of Sberbank.

On September 1, an interdepartmental commission headed by First Deputy Prime Minister Igor Shuvalov decided that Aeroflot would buy 75% plus 1 share of Transaero for 1 ruble. The Ministry of Economic Development reported that the deal will be fully closed during September.

As a result of the transaction, Aeroflot will receive 56% of the air transportation market. On Tuesday, an Aeroflot representative reported that the carrier’s 100% subsidiary, Aeroflot Finance LLC, filed a petition with the Federal Antimonopoly Service (FAS) to acquire up to 90% of Transaero shares.

For his part, the head of the FAS, Igor Artemyev , admitted that the deal will inevitably lead to limited competition in the air transportation market. “We will have to put up with limited competition for some time, because we cannot blow up the situation and create a bacchanal in this market,” he said.

Gref did not rule out bankruptcy of Transaero