Armenia’s national air carrier, Armavia, said today it will halt
flights from April 1 and will begin bankruptcy procedure, the company’s
press office reports.
According to media reports, Bagdasarov intends to sell the air company for $50 million.
Source: arka.am
It was said in the company’s press release that the 2008 global
recession has wrecked many foreign air companies, particularly KUBAN,
AEROSVIT, RED WINGS, AMERICAN AIRLINES, MALEV etc.
“Aviation is an area where one shouldn’t be satisfied with what has
already been achieved,” the press release says. “In recent tree years,
the owner of Armavia invested money from other businesses into the air
carrier, but things today leave no room for working this way. That is
why it was decided to halt flights and start bankruptcy procedure.”
The company’s press office also said that Armavia, which was
established in 1996, started operating flights in 2001 possessing only
one aircraft. The company added three other aircrafts to it in 2003 and
seven in 2006. One year later, in 2007, Armavia already had 14 aircrafts
in stock and operated 100 flights to more than 40 destinations in 20
countries.
“Over a period between 2007 and 2010 the company has won a
reputation for being a reliable partner carrying out its commitments
properly,” the press release says.
The company thanked all its passengers and wished them good luck.
In November 2012, Mikhail Bagdasarov, president of MIKA Limited
holding and owner of Armavia, voiced his intention to sell the company
because of the economic crisis and the losses sustained from maintenance
of Russia’s SuperJet.
He said that there were Italian investors and businessmen from the East among potential purchasers.
His license term expired on March 14, and no decision has come from the government so far to prolong it.
Gagik Tsarukyan, a prominent entrepreneur and the leader of
Prosperous Armenia party, was mentioned in Armenian media reports as
likely purchaser.
Source: arka.am
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