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Ukrainian investment fund acquires 49% stake in Air Armenia

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  • Ukrainian investment fund acquires 49% stake in Air Armenia

    Ch-Aviation
    Jan 5 2015


    Ukrainian investment fund acquires 49% stake in Air Armenia


    Air Armenia (QN, Yerevan) has sold a 49% stake in its shareholding to
    Ukraine's East Prospect Fund (EPF) paving the way for the injection of
    fresh capital into the carrier, which suspended scheduled operations
    in October last year.

    Vladimir Bobylev, the CEO of the Ukrainian turnaround specialist firm,
    told Armenia's Arka news agency that EPF's initial investment would
    amount to USD30million though this could grow in future.

    "I would like our fund to be presented not so much as a new Air
    Armenia shareholder but as an investor," he said. "We have
    understandings on USD30 million [in investments] for the first phase
    of operations but won't confine ourselves to that figure."

    Following a period of financial distress, Air Armenia is undergoing
    restructuring with a planned relaunch date now scheduled for March
    this year. According to Bobylev, EPF plans to refleet the airline with
    larger aircraft capable of serving Thailand and China.

    For its immediate needs, Air Armenia is looking to reacquire its two
    A320-200s, EK-32039 (cn 1439) and EK-32050 (cn 1450), that were
    returned to their lessors last year.

    Prior to its suspension of operations, Air Armenia had operated an
    A319-100 (in VIP configuration for use by the Armenian government),
    and a B737-500 on flights covering Russia, Germany, France, and
    Greece.

    http://www.ch-aviation.com/portal/news/34161-ukrainian-investment-fund-acquires-49-stake-in-air-armenia

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