Volga-Dnepr Group, whose carriers include AirBridgeCargo and Atran as well as Volga-Dnepr Airlines, has opted to restructure and transform into what it described in a statement on July 14 as a “mono-company”.

The restructuring is necessary given the impact of Covid-19 on the world's economies and on the air cargo sector in particular, explained Alexey Isaikin, the group's chairman of the board, founder, and co-owner.

The group also announced a streamlined “restructured line-up” of the board, creating three committees; Strategy and Transformation, Budget and Audit, and Staff and Appointments. The changes emerged from a recent board meeting that discussed ways in which the relationship with creditors, suppliers, and customers could be improved.

The new board includes four independent directors: Russian entrepreneur Ruben Vardanyan, former Aeroflot and Alitalia board member Giorgio Callegari, team development specialist Ella Sytnik, and former Prime Minister of Saxony Stanislaw Tillich.

“Facing the challenges that have led to the fundamental changes and revision of the passenger and cargo services value from a biosecurity perspective, we have decided on the necessity for transformation. I am confident that a strong board of directors will help the executive team successfully transform and adapt business leaders to the Covid-reality environment,” Isaikin said.

“To optimise operations, improve efficiency, and provide a consolidated level of services for customers under the 'Covid-crisis' conditions, a new concept transforming Volga-Dnepr Group of airlines into a mono-company was presented,” the statement outlined.

The group admitted in a recent court case - which it lost against Boeing - that it had been near bankruptcy at the start of the year, but its fortunes are likely to have turned with the record-high air cargo rates seen since the coronavirus outbreak, The Loadstar reported.