AEROSVIT DECLARES BANKRUPTCY

Aerosvit was Ukraine’s private airline. Its head office was based on the Boryspil International Airport in Boryspil. Aerosvit had its primary hub at the Boryspil Airport. The airline was founded on 25^th March 1994 and commence operations in April 1994 with flights from Kyiv to Athens, Larnaca, Tel Aviv, Odesa and Thessaloniki in co-operation with Air Ukraine.

All was well and Aerosvit was constantly adding new aircrafts to its fleet and new destinations to its existing route map. Aerosvit operated flights to 72 destinations in Asia, Europe and North America until it filed for bankruptcy.

Boryspil International Airport suspended Aerosvit’s flights in March 2012 and a clash over a RUB 95 million debt indicated with Sheremetyevo International Airport in the year end indicated the financial troubles Aerosvit was in. By the end of 2012, Aerosvit was under a debt of US $534 million, which was thrice the value of the company assets. 

Finally on 29^th Decemb

er 2012 Aerosvit filed for bankruptcy but wanted to make reforms and continue operations. As soon as the bankruptcy was announced, all of Aerosvit’s aircrafts were detained at various airports. In 2012 the bankruptcy procedure was cancelled by the court. Aerosvit has since then ceased operations and is currently not operating any flights.

In mid-February 2013 Aerosvit announced that it would cut down 1800 jobs by March 2013.

The business court of Kyiv again initiated a case of bankruptcy of Aerosvit on March 4^th, 2015, this was done when the airline failed to pay its debts.

Aerosvit operated flights to Beijing in China, New Delhi and Goa in India, Bangkok in Thailand, Ho Chi Minh City in Vietnam. In Western Asia Aerosvit operated flights to Yerevan, Baku, Ganja, Larnaca, Tbilisi, Batumi, Tel Aviv and Dubai. In Europe the airline flew to Minsk, Sofia, Prague, Copenhagen, Berlin, Hamburg, Duddeldorf, Stuttgart, Athens, Thessaloniki, Budapest, Milan, Naples, Vilinius, Chisinau, Krakow, Warsaw, Bucharest, Kaliningrad, Krasnodar, Moscow, Murmansk, Saint Petersburg, Sochi, Stockholm, Istanbul, London, Toronto, New York City and various destinations in Ukraine.