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Volga-Dnepr Group is to restructure and transform into a “mono company” it said, following a board meeting.

It has announced a “restructured line-up” of the board and has created three committees: Strategy and Transformation, Budget and Audit and Staff and Appointments.

The group, which comprises Volga-Dnepr Airlines, AirBridgeCargo and Atran, said the board had prioritised the most pressing issues, which include relationships with creditors, suppliers and customers.

It said: “To optimise operations, improve efficiency and provide a consolidated level of services for customers under the Covid-crisis conditions, a new concept transforming Volga-Dnepr Group of airlines into a mono-company was presented.”

The group, which said in a recent court case it had been near bankruptcy at the start of the year, will have been seriously buoyed by the recent record high air freight rates, as one airline reported to The Loadstar, giving them a good ‘buffer’ for any down cycles and enabling cargo airlines to pay off outstanding debts.

Shareholder and chair Alexey Isaikin said: “Facing the challenges that have led to fundamental changes and revision of the passenger and cargo services value from a biosecurity perspective, we have decided on the necessity for transformation. I am confident that a strong board of directors will help the executive team successfully transform and adapt business leaders to the Covid-reality environment.”

The new board, along with Mr Isakin, comprises: Sergey Shklyanik, deputy chair and  co-owner;  Tatiana Arslanova, deputy chair and executive operating director; Ruben Vardanyan, Russian business leader;  Giorgio Callegari, a board member of insurance companies Ingosstrakh and Enel Russia and a former board member of Alitalia and Aeroflot; Ella Sytnik, a partner of Ward Howell, specialising in organisational transformation and team development management; and Stanislav Tillich, former prime minister of Saxony.

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