VLADIMIR KARNOZOV / MOSCOW
Aeroflot is disputing a Moscow court ruling that it cannot renegotiate a lease agreement with Ilyushin-Finance (IFC) for six new Ilyushin Il-96-300s.
IFC sought a court ruling on the deal after Aeroflot refused to accept the final text of the lease contract, which called for increased rental charges following the airline's request for configuration changes. The preliminary agreement dates back to November 1999 and was part of a deal between the carrier and the Russian government, under which the airline was exempt from paying customs and taxes, totalling 46% of the aircraft price on 27 Airbus and Boeing aircraft it is acquiring. Delivery of the Western aircraft will begin in October.
Aeroflot has been seeking to revamp its deal for the Russian widebodies, but IFC general director Alexander Rubtsov says the agreement is "not reversible", and the airline has no choice but to take the previously agreed number. Aeroflot denies it wants to reduce the deal, but rather to renegotiate rentals.
Under the original agreement, six aircraft were to be delivered by mid-2005, at monthly rentals of $350,000 each. Last year, IFC signed a contract with the Il-96 manufacturing plant VASO for the completion of the Aeroflot aircraft in accordance with the airline's specification. However, the specification has been subject to changes that increased the unit prices by $6 million to $39 million, requiring monthly rentals to increase to $500,000.
Aeroflot rejected the increase, forcing the lessor to seek a court ruling. Rubtsov says $20 million has been invested in the purchase of equipment and work on the airframes at VASO, in view of first delivery within 36 months. Aeroflot has disputed the ruling, believing that a compromise can be reached.
Source: Flight International
