Baghdasarov: Armavia’s credit portfolio totals $40 mln., no threat of bankruptcy

PanARMENIAN.Net - Credit portfolio of national carrier Armavia totals $40 mln., according to company owner Mikhail Baghdasarov.

“The company has changed its policy and replaced aircrafts leasing with their purchase by installment,” Baghdasarov told a press conference in Yerevan.

“We think that it is better to pay credits than rents which are thrown into the air,” he said.

In this connection, Baghdasarov noted that now due to various political and economic reasons the world faces crisis in air traffic, which brought to reduction of aircrafts value, while the rent remained the same. The owner also said that in August-September the flying stock of Armavia will be replenished with the second aircraft Sukhoy Superjet 100.

Baghdasarov also refuted rumors regarding hard financial situation of the air company and menacing bankruptcy.

“There is no danger of bankruptcy. However, there is a danger that that some media outlets following somebody’s advice or on their own initiative want to disgrace Armavia, but they will not succeed,” he said.

As regards the situation with Zvartnots airport, it is the same, according to Baghdasarov, that is, the price for aviation kerosene in Zvartnots is the 3rd expensive in Europe. Baghdasarov noted that the prices for aviation kerosene dropped essentially for the company in Vnukovo and Domodedovo, where the air company purchases fuel from Gazprom Neft.