Transaero board commission calls for emergency meeting due to revenue drop - source
MOSCOW. Oct 13 (Interfax) - A commission set up by the board of directors of Transaero has recommended that the board hold an emergency meeting due to the drop in the airline's revenues, a source close to the board told Interfax.
He said the commission was formed at a Transaero board meeting last week to assess the legality of a ban on the sale of new tickets by the airline and to conduct a financial audit of the company. The commission, which held its first meeting on Monday, includes board directors and representatives of creditors.
Transaero's revenues plummeted to 700 million rubles in September from 14 billion rubles in August, the source said.
The commission also recommended that the board conduct financial and legal express audits of the company's operations in September with the involvement of an external auditor, the source said. The audit will have to be conducted according to the specifications drafted by the commission and with the involvement of an independent auditor, he said.