Transaero ceases operations
Russia's second largest airline, Transaero, has finally ceased operations after its licence was revoked by the Russian government. The airline has been facing financial troubles with debts around 1.1bn euros. It filed for bankruptcy on October 1 2015 and stopped ticket sales on that date. Several flights were cancelled. Economy Minister, Alexei Ulyukayev had warned earlier in the month that the airline faces bankruptcy after the airline failed to reach an agreement with its creditors on a restructure of its debt estimated to be worth 250bn roubles ($5.2bn). Aeroflot attempted to buy the airline for a significant 1 rouble before it backed out because of the debt issue. This is what happens when an airline goes bust: Transaero airplanes heading to Spain for storage After 25 years in the air with a fleet of 106 airplanes comprising of mainly long haul Boeings. The airplanes will be grounded after the regulatory agency, Rosaviatsia announced that its poor financial profile is a