Lebedev Will Keep Blue Wings Stake

By The Moscow Times

Jan. 20, 2010

Businessman Alexander Lebedev said Tuesday that he had no plans to sell his stake in German carrier Blue Wings after reports surfaced that the tycoon might be bought out.

Jörn Hellwig, the company's CEO and a 26 percent stakeholder, is ready to purchase Lebedev's stake of 48 percent, Hellwig told German paper Münsterländische Volkszeitung this week, after the German airline was grounded on Jan. 13 over unpaid debt.

Hellwig has accused Lebedev of failing to meet his financial obligations and promises, which led the airline to its current condition. Lebedev has accused Hellwig of misappropriating up to $30 million dollars and of purposely attempting to bankrupt the airline.

"Can we keep Hellwig as CEO? We will decide that after solving the issue of whether we can fly again or not," Lebedev wrote Tuesday on his blog.

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