Baltia Air Lines plans to come to former Soviet Union
21.08.2009, 16:43 Start-up carrier Baltia Air Lines Inc. said
Wednesday it agreed to buy its first Boeing 747 jetliner.
Baltia plans to fly between New York and St. Petersburg, Russia, then expand
service to Moscow and cities in the former Soviet Union.
According to its Web site, ticket sales are not yet available, subject to
regulatory approval.
Barry Clare, the airline's vice president of finance, said the company has
begun the process of getting certified by the Federal Aviation Administration.
The airline has submitted operating manuals and must hire and train pilots
and crew, conduct an evacuation test and proving flights. Clare said Baltia
hopes to get FAA certification by year end.
Clare said the airline will start with just the one plane and believes it can
generate $100 million a year in revenue if it can fill that plane nearly
two-thirds full on New York-St. Petersburg flights. The company also plans to
fly cargo and mail.
According to regulatory filings, CEO Igor Dmitrowsky, a U.S. citizen born in
Latvia, owns 43 percent of the company. In the March quarter, the company issued
4.8 million shares for cash and 19.9 million in exchange for services at 3 to 5
cents each, and it issued 44 million shares for the exercise of options by
Dmitrowsky.
The company missed a deadline for filing its second-quarter financial report
with the Securities and Exchange Commission, and has been late in making other
filings.