Armavia to halt flights, declare itself bankrupt

March 29, 2013 - 15:59 AMT

PanARMENIAN.Net - Armenian national carrier Armavia has resolved to cease operations starting April 1, 2013.

“Armavia was established in 1996. It started operation of flights in 2001with only one aircraft. The company’s fleet was replenished with 3 planes in 2003, with 7 and 14 more planes in 2006 and 2007 respectively. However, many airline companies went bankrupt during the world economic and aviation crisis of 2008. Aviation is in need of continuous development. In the past three years, the owner of Armavia invested funds of other businesses to foster the development of the company. However, in the face of the current situation, the company resolved to halt the flights and start the bankruptcy proceedings. The company expresses gratitude to all its passengers and wishes them good luck!” Armavia’s press service said.