Transaero declares 'mayday'

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The end of 2014 has been dramatic for Russia’s second largest airline, Transaero, which like other Russian organisations has been having to deal with the difficulties brought on by the US and European sanctions imposed since the crisis in Ukraine. This article develops over the Christmas period – first with the news that it is facing imminent shutdown, as a severe cash flow crisis affects aircraft lease and fuel payments; then with the news of a state bailout; and finally ...