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SUKHOI CIVIL AIRCRAFT WILL SUE ARMENIA'S ARMAVIA OVER $1.4 MILLION DEBT
InSerbia News
April 4 2013
MOSCOW - Sukhoi Civil Aircraft (SCAC) is ready to sue Armenian airline
Armavia over the unfulfilled terms of a deal on SSJ-100 aircraft,
the first Sukhoi Superjet in the airline's fleet, and losses from
the termination of the sale agreement.
The Russian aircraft manufacturer is planning to go to the
International Commercial Arbitration Court, Gazeta.ru reports referring
to an unnamed source in the company.
"The lawsuit will be filed in the next few days. The plaintiff's
claim totals around $1.385 million," the source is quoted as saying.
In December last year the Armenian national carrier released its
financial statement for 2012. According to the document the company's
debt was 540 million roubles ($17 million). The owner of the troubled
airline Mikhail Bagdasarov blamed the carrier's financial problems
on the global economic crisis and losses from the use of the Russian
SSJ-100.
The Armenian airline became the first customer of the Sukhoi
Superjet-100 airliner.
Under the terms of the contract, the liner was mortgaged with SCAC
until the full price was paid by Armavia. However the carrier failed
to pay the full sum for the aircraft and decided to terminate the
sales contract and return the aircraft to the manufacturer.
The airline sealed an amendment to the sale contract and returned
the airplane to Sukhoi Civil Aircraft. According to a SCAC statement
Armavia mortgaged the aircraft to third parties while it was in
their possession.
The manufacturer hopes the International Commercial Arbitration Court
will help solve the disparities.
"Taking into account the financial state of the Armenian airline
and a high probability of its bankruptcy, the prospects for a full
implementation of the above-mentioned contract look rather uncertain,"
SCAC statement says. "In case of bankruptcy, the courts in Armenia
may seize the aircraft..."
Armavia halted flights on April 1 and launched bankruptcy proceedings.
Armavia had 14 aircraft making more than 100 flights a week to 20
countries.
Armavia is owes money to Russian airports, banks and Russia's civil
aviation authority. According to the authority the carrier owes $1.4
million to Moscow's Vnukovo airport and smaller ammounts to two other
airports in southern Russia.
VTB bank has already filed a lawsuit against Armavia and Mika Limited
owned by Mikhail Bagdasarov to claim a reported debt of $22 million.
The bank was refinancing the airline's loan for the purchase of the
SSJ-100 airplane.
Mikhail Bagdasarov, announced his intention to sell the company last
year, however he failed to find a buyer.
http://inserbia.info/news/2013/04/sukhoi-civil-aircraft-will-sue-armenias-armavia-over-1-4-million-debt/
InSerbia News
April 4 2013
MOSCOW - Sukhoi Civil Aircraft (SCAC) is ready to sue Armenian airline
Armavia over the unfulfilled terms of a deal on SSJ-100 aircraft,
the first Sukhoi Superjet in the airline's fleet, and losses from
the termination of the sale agreement.
The Russian aircraft manufacturer is planning to go to the
International Commercial Arbitration Court, Gazeta.ru reports referring
to an unnamed source in the company.
"The lawsuit will be filed in the next few days. The plaintiff's
claim totals around $1.385 million," the source is quoted as saying.
In December last year the Armenian national carrier released its
financial statement for 2012. According to the document the company's
debt was 540 million roubles ($17 million). The owner of the troubled
airline Mikhail Bagdasarov blamed the carrier's financial problems
on the global economic crisis and losses from the use of the Russian
SSJ-100.
The Armenian airline became the first customer of the Sukhoi
Superjet-100 airliner.
Under the terms of the contract, the liner was mortgaged with SCAC
until the full price was paid by Armavia. However the carrier failed
to pay the full sum for the aircraft and decided to terminate the
sales contract and return the aircraft to the manufacturer.
The airline sealed an amendment to the sale contract and returned
the airplane to Sukhoi Civil Aircraft. According to a SCAC statement
Armavia mortgaged the aircraft to third parties while it was in
their possession.
The manufacturer hopes the International Commercial Arbitration Court
will help solve the disparities.
"Taking into account the financial state of the Armenian airline
and a high probability of its bankruptcy, the prospects for a full
implementation of the above-mentioned contract look rather uncertain,"
SCAC statement says. "In case of bankruptcy, the courts in Armenia
may seize the aircraft..."
Armavia halted flights on April 1 and launched bankruptcy proceedings.
Armavia had 14 aircraft making more than 100 flights a week to 20
countries.
Armavia is owes money to Russian airports, banks and Russia's civil
aviation authority. According to the authority the carrier owes $1.4
million to Moscow's Vnukovo airport and smaller ammounts to two other
airports in southern Russia.
VTB bank has already filed a lawsuit against Armavia and Mika Limited
owned by Mikhail Bagdasarov to claim a reported debt of $22 million.
The bank was refinancing the airline's loan for the purchase of the
SSJ-100 airplane.
Mikhail Bagdasarov, announced his intention to sell the company last
year, however he failed to find a buyer.
http://inserbia.info/news/2013/04/sukhoi-civil-aircraft-will-sue-armenias-armavia-over-1-4-million-debt/