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Armenia's national carrier goes under

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  • Armenia's national carrier goes under

    Associated Press Online
    March 29, 2013 Friday 3:02 PM GMT


    Armenia's national carrier goes under

    YEREVAN Armenia


    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.



    From: Emil Lazarian | Ararat NewsPress
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