Official: Armavia, like other int’l firms, failed to overcome crisis

PanARMENIAN.Net - The issues that Armavia air company has been facing over the recent years, are a proof that it failed to overcome the 2009 crisis, similar to many other international air carriers, a member of the standing parliamentary committee on financial affairs said.

“The issues above prompted the company to declare bankruptcy on completion of the license term,” Gagik Minasyan told a news conference in Yerevan.

“The only hope is that the company will be purchased by a firm with a great potential, which will be able to keep Armavia from further bankruptcy issues. This, however, seems complicated, considering Armenia’s aviation market is small which makes finding a major investor an issue,” the official said.