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Armavia's bankruptcy caused by wrong management - Russian expert
TERT.AM
12:20 - 30.03.13
It became known yesterday that Armenia's national carrier Armavia is
suspending all flights from April 1 and starts bankruptcy procedure.
Speaking to Tert.am, spokesperson for Armenia International Airports
company Gevorg Abrahamyan said the airline has debt of $5 million
equivalent dram to the company headed by Argentinean-Armenian
businessman Eduardo Ernekyan. But this is not the only debt Armavia
has gathered... Russian Kommersant writes that Armenia's national
carrier owes about $25 million to Russian enterprises, companies,
banks.
`The circumstance that Armavia has appeared on the edge of bankruptcy
became known on Thursday. Head of Armenia's Chief Aviation Department
Artyom Movsisian said the national carrier does not have necessary
financial means to extend the contract signed with the government and
fails to implement its commitments...And yesterday it has declared
itself bankrupt and stopped all flights to Russia,' Kommersant writes.
The Russian paper says Armavia has a debt of $300,000 to Russian
Federal Agency of Air Transport. `The airline owes 44,3 million rubles
[$1.5 million] to Moscow's Vnukovo airport. In 2012 the company has
implemented three flights Moscow-Yerevan-Moscow daily, in 2013 two. In
2013 Armavia has transported 15,000 passengers to Moscow's Vnukovo.
The company owes 900,000 rubles [$29,000] to Russian airports -
Krasnodar and Sochi,' the paper says, adding that it also owes to
airports' fuel charging points.
The Armenian national carrier has debts to Russian banks as well. The
Russian paper says it has few million rubles debt to Development and
External Economic Activity bank as well as $22 million to VTB bank.
Russian VTB bank has sued Armavia and Mika Limited, belonging to
Armenian businessman Mikhail Baghdasarov, demanding $22 million. In
this way the Russian state bank is trying to return the sums it has
provided to the carrier for re-funding the loans for acquiring
Russia-made Sukhoi Superjet-100.
The Russian paper also spoke with head of Aviaport analytical agency
Oleg Pantelev who voiced opinion that the cause of the bankruptcy is
wrong management.
`Armavia failed to use the Armenian Diaspora and Armenia's geographic
potential. Taking into consideration this potential, in near future
another carrier will replace the airline,' he said.
TERT.AM
12:20 - 30.03.13
It became known yesterday that Armenia's national carrier Armavia is
suspending all flights from April 1 and starts bankruptcy procedure.
Speaking to Tert.am, spokesperson for Armenia International Airports
company Gevorg Abrahamyan said the airline has debt of $5 million
equivalent dram to the company headed by Argentinean-Armenian
businessman Eduardo Ernekyan. But this is not the only debt Armavia
has gathered... Russian Kommersant writes that Armenia's national
carrier owes about $25 million to Russian enterprises, companies,
banks.
`The circumstance that Armavia has appeared on the edge of bankruptcy
became known on Thursday. Head of Armenia's Chief Aviation Department
Artyom Movsisian said the national carrier does not have necessary
financial means to extend the contract signed with the government and
fails to implement its commitments...And yesterday it has declared
itself bankrupt and stopped all flights to Russia,' Kommersant writes.
The Russian paper says Armavia has a debt of $300,000 to Russian
Federal Agency of Air Transport. `The airline owes 44,3 million rubles
[$1.5 million] to Moscow's Vnukovo airport. In 2012 the company has
implemented three flights Moscow-Yerevan-Moscow daily, in 2013 two. In
2013 Armavia has transported 15,000 passengers to Moscow's Vnukovo.
The company owes 900,000 rubles [$29,000] to Russian airports -
Krasnodar and Sochi,' the paper says, adding that it also owes to
airports' fuel charging points.
The Armenian national carrier has debts to Russian banks as well. The
Russian paper says it has few million rubles debt to Development and
External Economic Activity bank as well as $22 million to VTB bank.
Russian VTB bank has sued Armavia and Mika Limited, belonging to
Armenian businessman Mikhail Baghdasarov, demanding $22 million. In
this way the Russian state bank is trying to return the sums it has
provided to the carrier for re-funding the loans for acquiring
Russia-made Sukhoi Superjet-100.
The Russian paper also spoke with head of Aviaport analytical agency
Oleg Pantelev who voiced opinion that the cause of the bankruptcy is
wrong management.
`Armavia failed to use the Armenian Diaspora and Armenia's geographic
potential. Taking into consideration this potential, in near future
another carrier will replace the airline,' he said.