UTair Misses Bond Payment in Russia Funding-Crunch Sign
This article is for subscribers only.
A unit of Russian airline and helicopter company UTair Aviation JSC failed to redeem two tranches of bonds, the latest sign the nation’s borrowers are struggling to access foreign funds amid sanctions over Ukraine.
UTair-Finans cited insufficient funding for its failure to repay 1.23 billion rubles ($27 million) and 1.45 billion rubles of installments on two 1.5 billion-ruble tranches of three-year debt yesterday. UTair missed the payments after UTair Aviation delayed a loan repayment, it said in a statement.