Court Appoints Administrator for Russia’s Tulpar Air Bankruptcy

Tulpar Air Aviakompania (TUL, Kazan International) has been placed under administration by Judge Enzhe Imamovna Suneyeva of the Arbitration Court of Tatarstan. Roman Viktorovich Mavrin has been appointed as the administrator, tasked with managing the airline’s finances until the next bankruptcy hearing on August 26, 2025. The move comes after the business jet operator filed for bankruptcy on February 7, citing RUB588 million (USD6.9 million) in debt.

Despite this, former owner Azat Hakim, who once held a 49% stake in Tulpar Air, challenged the bankruptcy process, claiming it was a tactic to avoid paying him for the shares he sold. Hakim had initially received RUB420 million (USD4.9 million) for his stake but later demanded an additional RUB890 million (USD10.2 million), arguing the original transaction undervalued his shares. The court ruled that Tulpar Air owed him an extra RUB451 million (USD5.3 million), leading to the airline’s bankruptcy filing.

Hakim contends that the bankruptcy is a strategy to evade repayment. He asserts that Tulpar Air could easily sell some of its aircraft assets, valued at RUB3.1 billion (USD36.5 million), to cover the debt. However, two-thirds of the assets are pledged as collateral to Avers Bank, linked to Tulpar Air’s current owner, TAIF. Tulpar Air’s fleet includes two Challenger 300s, two Challenger 850s, and one Global 5000.

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Sources: AirGuide Business airguide.info, bing.com, ch-aviation.com