Sep 29, 2010

Armavia’s debt is increasing

On September 29, on the eve of Civil Aviation Day, head of the General Department of the Civil Aviation Sahak Hakobyan and Adviser to the Director General Grigor Nazaryan briefed Armenian reporters on the achievements in the sphere.
Asked whether the owner of Armenian national air carrier - Armavia, Mikhail Baghdasarov, intends to sell his shares, Sahak Hakobyan said, "We have learnt about Mr. Baghdasarov's intention from the press. It is up to him to decide. The state cannot force an owner to sell or keep his shares. The Law on Aviation envisages that at least 51% of an aviation company belongs to legal entities registered in Armenia," he said.
Recently, Zvartnots airport suspended all flights of Armavia national carrier due to heavy debts.
"The Civil Aviation deals with aviation and security issues. We try to avoid similar problems, as they are unpleasant for us. The issue is beyond our competence and we are hopeful that the parties [Zvartnots and Armavia] will find a common language. State agencies are not empowered to interfere into a conflict between two entities" Hakobyan said.
The aviation representatives say Armavia's debt is changing every hour connected with everyday production process.


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