"Armavia" finds information on VTB action to be altered

"Armavia" national airways consider information of the Russian media that VTB bank brings in an action against Armenian businessman Mikhail Baghdasarov's "Armavia" and Mika Limited (registered in Jersey Island) for USD 22 million, to be altered. As reports "Armenpress" the Press Service of "Armavia" stated: "We do not comment on information, which is apparently altered."
In accordance with the information of Russian "Izvestia" periodical VTB bank wants to get back the amount of money it gave to the air transportation company for refinancing the credit funds. The company received the credits to buy Russian Sukhoi Superjet-100 aircraft. A number of lawyers find that the bank has good chances to win, and the procedure, which launched in Jersey, is doomed to collapse. Mikhail Baghdasarov told "Izvestia" that “the credits will be paid off soon, and the action will be repealed."

Source: armenpress.am

$22 million lawsuits filed against Armenian Armavia and Mika Limited

Russian Bank VTB filed a $22 million lawsuit against Armavia and Mika Limited; both belong to the Armenian businessman Mikhail Bagdasarov.
The Russian state-owned bank is trying to return the sum it has allocated to refinance loans taken by Armavia for purchase of the Sukhoi Superjet-100 aircraft, 7or.am reported, referring to Izvestia.
In an interview with the publication, a source close to the State Bank said that the proceeding against Armavia (for $ 10 million) has been lodged with the Armenian State Arbitration Court. Mika Limited, in its turn, is going to face a proceeding over $12 million at the Royal Court of Jersey, where the company has been registered.
According to the source, the VTB's Armenian branch had allocated over $7 million to Armavia with the purpose of refinancing a loan the company had received from Ardshininvestbank for purchasing a Superjet-100 airliner (nearly $ 30 million).
Lawyers believe that the VTB has good chance of winning in a dispute with the Armavia.

Source: trend.az

Armavia has nothing except computers and premises

Hraparak daily reports, that Mika Baghdasarov has no other choice but to sell Armavia. However, rumors suggesting that this or that company is interested in Armavia prove not to be true later. One of the businessmen explained the reason; it is senseless to invest several million dollars in something which costs maximum several hundred thousand dollars.

“The thing is that the license of Armenia's national air carrier is expiring and those who wish to buy it can do it several months later, after buying a license. But Armavia has nothing significant except for premises, threadbare computers and office furniture,” the paper writes.

Source: aysor.am