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ARMENIA'S ARMAVIA AIRLINE STARTS BANKRUPTCY PROCEEDINGS
USA Today
April 1 2013
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 during
the upcoming 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.
http://www.usatoday.com/story/todayinthesky/2013/03/31/armenias-flag-carrier-airline-armavia-launches-bankruptcy-proceedings/2041175/
USA Today
April 1 2013
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 during
the upcoming 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.
http://www.usatoday.com/story/todayinthesky/2013/03/31/armenias-flag-carrier-airline-armavia-launches-bankruptcy-proceedings/2041175/