Aeroflot is to defer its planned issue of American Depository Receipts (ADRs) in response to "unfavourable conditions on the world's stock markets", according to the carrier.
The issue on 5% of its stock was planned for the end of the year and the decision to postpone comes as a disappointment for the Russian carrier.
Lopukhin adds that the issue can be restarted at any time when market conditions improve but says there are no plans to relaunch in the short term. He denies that Aeroflot has asked lessors, which include ILFC and GECAS, for a rescheduling of the lease payments on its western-built fleet of six Boeing 737-400s, one 777, two 767s, a DC10-30 freighter and 10 Airbus A310s.
A meeting with 25 western bankers and creditors at the beginning of October was successful, says Lopukhin, adding that Aeroflot has secured enough credit facilities to cover lease payments. There are no plans to return any aircraft or change the fleet renewal programme, he says.
Aeroflot is already committed to taking an additional seven 737s this year, with three more aircraft arriving in 1999, part of a $2 billion spending programme.
Source: Airline Business
