newstodate.aero
Apr 04, 2013 (newstodate): Following on Swissport's version of the fight with Ukraine International Airlines over the Ukrainian JV, Swissport Ukraine, UAI now presents its view on the issues.
After a Ukrainean court ruling, Swissport has now lost ownership in and control over Swissport Ukraine, calling this as a result of "a successful hostile raider attack made possible by a flawed legal process led by UIA and its main shareholder Aron Mayberg."
-Referring to the ruling, UIA acquired 70.6 percent stake of LLC Swissport Ukraine previously owned by Swissport International, UIA says in a statement.
-The acquisition was affirmed by the court based on asset valuation approved by Swissport International and under terms and conditions pre-agreed by the parties. The mandatory buyout mechanism applied by UIA had been also pre-agreed, and either party had an opportunity to apply it under certain conditions.
-Swissport International partnered with UIA and joined the handling business in Ukraine in 2006 by acquiring the UIA share in its ground handling provider. UIA made the bargain, downsized its stake to less than 30 percent and yielded its right to operate the joint venture considerably reckoning on Swissport International to be a reliable and decent partner.
-Despite controversies arising between the parties recently, UIA tried to agree upon civilized principles of joint venture management. Unfortunately, negotiations hit a dead end.
-Moreover, on March 6, 2012, SPI called a shareholders' meeting at which it voted for UIA share dilution and approved valuation of SPI and UIA stake for their redemption.
-Having faced hostile actions of its Swiss partner SPI which virtually deprived UIA of the right to take part in the management of the joint business and, moreover, tried unilaterally to dilute UIA share, the company was forced to turn to the court in order to protect its rights of LLC Swissport Ukraine shareholder.
-Ukraine International Airlines expect LLC Swissport Ukraine to carry on operations regardless of the changes of its shareholders structure.
After a Ukrainean court ruling, Swissport has now lost ownership in and control over Swissport Ukraine, calling this as a result of "a successful hostile raider attack made possible by a flawed legal process led by UIA and its main shareholder Aron Mayberg."
-Referring to the ruling, UIA acquired 70.6 percent stake of LLC Swissport Ukraine previously owned by Swissport International, UIA says in a statement.
-The acquisition was affirmed by the court based on asset valuation approved by Swissport International and under terms and conditions pre-agreed by the parties. The mandatory buyout mechanism applied by UIA had been also pre-agreed, and either party had an opportunity to apply it under certain conditions.
-Swissport International partnered with UIA and joined the handling business in Ukraine in 2006 by acquiring the UIA share in its ground handling provider. UIA made the bargain, downsized its stake to less than 30 percent and yielded its right to operate the joint venture considerably reckoning on Swissport International to be a reliable and decent partner.
-Despite controversies arising between the parties recently, UIA tried to agree upon civilized principles of joint venture management. Unfortunately, negotiations hit a dead end.
-Moreover, on March 6, 2012, SPI called a shareholders' meeting at which it voted for UIA share dilution and approved valuation of SPI and UIA stake for their redemption.
-Having faced hostile actions of its Swiss partner SPI which virtually deprived UIA of the right to take part in the management of the joint business and, moreover, tried unilaterally to dilute UIA share, the company was forced to turn to the court in order to protect its rights of LLC Swissport Ukraine shareholder.
-Ukraine International Airlines expect LLC Swissport Ukraine to carry on operations regardless of the changes of its shareholders structure.