According to Zhoghovurd daily, the owner of Armavia Mikhail Baghdasarov who’s recently expressed intention to sell the air company has found himself in a tight spot.

Baghdasarov-owned Mikacement company, put up on sale since March, hasn’t yet found a buyer, and the business is running to seed.

“This time, the President himself refused to support Baghdasarov, seeing as the latter failed in all of his undertakings, including the crude import.

Clearly, the President has been cutting Mikacement some slack in overseeing the company’s non-payment of utility bills.

Though Armavia continues to deny the unfavorable reports, if before, Baghdasarov had President Sargsyan to fall back on, at present, the Armenian leader wouldn’t hear any of his explanations,” the paper said.