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ARMENIAN NATIONAL AIRLINE DECLARES BANKRUPTCY
Agence France Presse
April 1, 2013 Monday 1:44 PM GMT
Armenia's last national airline, Armavia, on Monday ceased operations
and launched bankruptcy procedures due to grave financial problems,
the company said.
"Over the last three years, the owner of Armavia airline has been
investing finances from (his) other businesses in order to support
the air carrier," Armavia said in a statement.
"However, the current situation makes it impossible to continue
working this way."
Founded in 1996 by Armenian businessman Mikhail Bagdasarov, Armavia
owns one Airbus A320, three Boeing 737, and four medium-range planes.
The company linked its inability to pay debts to the consequences of
the world economic crisis that has hit the aviation industry hard and
has caused the bankruptcy or liquidation of several major carriers
such as American Airlines and Russia's Kuban.
Russia's aviation authority Rosaviatsiya said that Armavia owed
more than $1.3 million (1.0 million euros) to airports and more than
$250,000 to air traffic services in Russia.
Armavia served 48 destinations in Europe, Asia, and North Africa.
Armenia, an ex-Soviet republic, is a landlocked country with neighbours
that include traditional foes Turkey and Azerbaijan
With air links critical to maintaining international contacts, it is
unclear what will fill the void left by Armavia's collapse.
The company's bankruptcy leaves Armenia without a national air carrier,
since the other state-owned carrier, Armenian Airlines, went bankrupt
in 2003.
From: Baghdasarian
Agence France Presse
April 1, 2013 Monday 1:44 PM GMT
Armenia's last national airline, Armavia, on Monday ceased operations
and launched bankruptcy procedures due to grave financial problems,
the company said.
"Over the last three years, the owner of Armavia airline has been
investing finances from (his) other businesses in order to support
the air carrier," Armavia said in a statement.
"However, the current situation makes it impossible to continue
working this way."
Founded in 1996 by Armenian businessman Mikhail Bagdasarov, Armavia
owns one Airbus A320, three Boeing 737, and four medium-range planes.
The company linked its inability to pay debts to the consequences of
the world economic crisis that has hit the aviation industry hard and
has caused the bankruptcy or liquidation of several major carriers
such as American Airlines and Russia's Kuban.
Russia's aviation authority Rosaviatsiya said that Armavia owed
more than $1.3 million (1.0 million euros) to airports and more than
$250,000 to air traffic services in Russia.
Armavia served 48 destinations in Europe, Asia, and North Africa.
Armenia, an ex-Soviet republic, is a landlocked country with neighbours
that include traditional foes Turkey and Azerbaijan
With air links critical to maintaining international contacts, it is
unclear what will fill the void left by Armavia's collapse.
The company's bankruptcy leaves Armenia without a national air carrier,
since the other state-owned carrier, Armenian Airlines, went bankrupt
in 2003.
From: Baghdasarian