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FLIGHTS IMPOSSIBLE, FINANCIAL RESTRUCTURING REQUIRED - AIR ARMENIA
YEREVAN, October 30. /ARKA/. The management of Air Armenia made
a decision about financial restructuring and changing the flight
schedule before December 20, the company's press office reported.
The press office said the media allegations about problems in the
company led to an 80% reduction in sales, which, in turn, makes the
company suffer a critical drop in profits.
"It is currently becoming impossible to carry out flights", according
to the report.
The company will focus on most demanded directions and will try to
attract new funds, get back its two A320 planes that are in maintenance
now and resume flights as per the schedule from December 20, says
the report.
The company made this decision after a year of operations in the
Armenian market and passenger flights to Russia and Europe.
This year was full of both achievements and unpleasant surprises
when attempts were made to hamper company's operations for winding
up the only Armenian air carrier and creating favorable conditions
for overseas air companies, says the report.
Apart from this, the statement by the Russian state corporation of
air traffic about suspension of cooperation with Air Armenia caused
serious financial damage to the company and harmed its prestige,
says the report.
The allegations created panic among passengers, debtors and creditors.
Many passengers returned their tickets, creditors canceled earlier
agreements and demanded their money back, debtors refused to pay
costs of the tickets bought before, according to the report.
Apart from this, the company is now using only one aircraft for all the
flights as the others are undergoing technical maintenance in Holland.
The air company expresses its gratitude to its faithful passengers
and partners and apologizes for the inconvenience.
Air Armenia is the only company at the local market of air
transportation. Armenia's previous national carrier Armavia went
bankrupt in April 2013. -0--
http://arka.am/en/news/business/flights_impossible_financial_restructuring_require d_air_armenia/#sthash.3kdDvE5r.dpuf
YEREVAN, October 30. /ARKA/. The management of Air Armenia made
a decision about financial restructuring and changing the flight
schedule before December 20, the company's press office reported.
The press office said the media allegations about problems in the
company led to an 80% reduction in sales, which, in turn, makes the
company suffer a critical drop in profits.
"It is currently becoming impossible to carry out flights", according
to the report.
The company will focus on most demanded directions and will try to
attract new funds, get back its two A320 planes that are in maintenance
now and resume flights as per the schedule from December 20, says
the report.
The company made this decision after a year of operations in the
Armenian market and passenger flights to Russia and Europe.
This year was full of both achievements and unpleasant surprises
when attempts were made to hamper company's operations for winding
up the only Armenian air carrier and creating favorable conditions
for overseas air companies, says the report.
Apart from this, the statement by the Russian state corporation of
air traffic about suspension of cooperation with Air Armenia caused
serious financial damage to the company and harmed its prestige,
says the report.
The allegations created panic among passengers, debtors and creditors.
Many passengers returned their tickets, creditors canceled earlier
agreements and demanded their money back, debtors refused to pay
costs of the tickets bought before, according to the report.
Apart from this, the company is now using only one aircraft for all the
flights as the others are undergoing technical maintenance in Holland.
The air company expresses its gratitude to its faithful passengers
and partners and apologizes for the inconvenience.
Air Armenia is the only company at the local market of air
transportation. Armenia's previous national carrier Armavia went
bankrupt in April 2013. -0--
http://arka.am/en/news/business/flights_impossible_financial_restructuring_require d_air_armenia/#sthash.3kdDvE5r.dpuf