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Armenia's National Carrier Goes Under

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  • Armenia's National Carrier Goes Under

    ARMENIA'S NATIONAL CARRIER GOES UNDER

    The Associated Press
    March 29 2013

    YEREVAN, Armenia (AP) - Armenia's national airline, Armavia, has
    declared the start of bankruptcy proceedings.

    The carrier said in Friday's statement that it will halt flights
    next week. Armavia currently has 14 aircraft conducting more than
    100 flights a week to 20 countries.

    Russia's civil aviation authority said Armavia has an outstanding
    debt of $1.4 million to Moscow's Vnukovo airport and smaller debts
    to two other airports in southern Russia.

    Armavia's owner, Mikhail Bagdasarov, announced his intention to sell
    the company last year, but has failed to find a buyer. Bagdasarov
    attributed Armavia's troubles to the global economic downturn and
    losses from using a new Russian-made Sukhoi superjet.

    The landlocked ex-Soviet nation's economy has been hobbled by the
    longstanding closure of its borders with Azerbaijan and Turkey over
    the conflict Nagorno-Karabakh.

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