Tue, Jul 16, 2013
SSJ100 Manufacturer Says It Is Seeking Additional Credit
Russian media is reporting that Sukhoi Civil Aircraft (SCA) Company is likely to be forced into bankruptcy if it is unable to secure additional credit, though the company says it is in a position to fulfill all of its commitments.
The Russian News Service RT Novosti reports that news began to surface on Thursday suggesting that SCA could default on its $2 billion debt by the end of the year. The company issued a press release denying that it is near bankruptcy.
The company said that it has been open with the fact that the SSJ100 program had been financed largely with borrowed funds. In the release, termed a "Clarification for the Media," SCA said that "More than 60% of the project cost was financed by JSC “Sukhoi Civil Aircraft” via credit resources.
“Credit payments and fulfillment are on schedule and comply with current financial development strategy in full. Work with the Sukhoi Civil Aircraft credit portfolio and securing the debt service obligations is in progress. In 2012 VEB opened a line of credit for $1 billion for SSJ 100. These actions have the full support of the company’s major shareholder – JSC Sukhoi Company, as well as of JSC UAC [United Aircraft Corporation].
“By 2018 total revenue will amount to more than $2 billion. An operating surplus will be achieved this year and starting from 2015 Sukhoi Civil Aircraft will achieve positive net cash flow, which will make the company financially stable,” the company said.
SCA says it plans to adhere to its planned production schedule to manufacture a total of 26 aircraft this year, and 40 in 2014.
(Superjet 100 image from file.)
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