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Four helicopters of bankrupt air carrier Orsha Air up for auction

14.04.2021
Four Mi-2 helicopters of the Belarusian air carrier Orsha Air have been put up for a digital descending-price auction. The auction is scheduled for 14 May, BelTA learned from Nikolai Krotov, Director of OOO VitYurkom.

The helicopters will be sold as part of Orsha Air’s liquidation. The air carrier has been recognized as bankrupt by the Vitebsk Oblast Economic Court. VitYurkom has been chosen the emergency manager and will have to repay nearly Br600,000 in debts to nine creditors by means of selling Orsha Air’s assets. OAO Orsha Aircraft Repair Plant and PAO Motor Sich are owed over 90% of Orsha Air’s debt.

Four Mi-2 helicopters, which were made in 1984 and 1986, are the most valuable assets of the debtor. Orsha Air received the helicopters for free from its founder Orsha Aircraft Repair Plant. The helicopters’ readiness for flying varies. They need various pieces of equipment (engines, rotor blades, reducing gear boxes, and so on) as well as maintenance and repairs. Two of the helicopters are in Moscow Oblast where they were supposed to receive a major overhaul and maintenance at the Moscow Aviation Repair Plant DOSAAF. Two other helicopters are based in the town of Bolbasovo, Orsha District.

The auction will be held by the digital trade platform auction24.by. The cost of the most expensive lot is Br79,600, with the reserve price of the descending-price auction close to Br47,800. Three more lots are priced at Br58,800, with the reserve price close to Br35,300.

The air carrier Orsha Air was established at premises of OAO Orsha Aircraft Repair Plant in July 2013 for the sake of demonstration flights and routine business operations. In October 2018 the owner decided to liquidate the company and the liquidation procedure’s deadline was postponed several times. The helicopters were put up for a standard auction in 2019 but did not sell. Since the liquidator was unable to settle Orsha Air’s debts, a court ruling on bankruptcy was sought because the value of the debtor’s assets could not satisfy the creditors’ claims.

A court session is scheduled for 30 April 2021 in order to hear the emergency manager’s report on results of the liquidation procedure. Nikolai Krotov explained that they want to petition unsecured creditors and later on the economic court for extending the liquidation procedure because the first auction to sell the debtor’s assets is scheduled for 14 May.