Ukraine International gets European cash

In its first investment in a CIS airline, the European Bank of Reconstruction and Development (EBRD) has agreed to inject €6.5 million ($6.1 million) into Ukraine International Airlines, giving it a 9.9% stake in a carrier that ranks as the country's second largest in terms of passenger boardings.

EBRD bought the shares from the Ukraine State Property Fund. The cash has already been injected into the airline. Shareholders include SAirGroup and Austrian Airlines (a combined 25%) and debis AirFinance Ireland (7%). The balance remains in Ukrainian control via the state property fund.

• A court in Irkutsk, Russia, has approved a move to pass control of the bankrupt but still operating Baikal Avia to a committee of creditors, terming the deal "peaceful". The committee will manage the airline's limited operations while seeking potential buyers.

Source: Flight International