New airline is to emerge in Armenian market: MP says

New airline is to emerge in Armenian market: MP says

YEREVAN, April 3. / ARKA /. Gagik Minasian, chairman of an Armenian parliament committee on finance and budget affairs, said today a new airline may emerge in Armenia’s market. 

Armenia’s national airline, Armavia, has ceased operations from April 1 and launched bankruptcy procedures due to grave financial problems.
"Over the last three years, the owner of Armavia airline has been investing finances from (his) other businesses in order to support the air carrier," Armavia said in a statement. "However, the current situation makes it impossible to continue working this way."

The company linked its inability to pay debts to the consequences of the world economic crisis that has hit the aviation industry hard.

Founded in 1996 by businessman Mikhail Bagdasarov, Armavia owns one Airbus A320, three Boeing 737, and four medium-range planes.

"Unfortunately," Armavia failed to get out of 2009 crisis. Its bankruptcy was not a surprise, it was predictable. Now a new company, a more powerful and stable is to emerge in the market," Minasian said.

Minasian said this issue will be discussed at the state level, since the problem should be given a most advantageous solution.  -0-

16:45 03.04.2013

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