Armenian National Airline Armavia Goes Bankrupt, Grounds Flights
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Armenian businessmen Mikayel Baghdasarov’s Armavia, the country’s only carrier, declared bankruptcy today and will cease flights starting April 1.
The company founded in 1996 was unable to pay debt accumulated to the Zvartnots airport in Yerevan, Armenia’s capital, and to its contractors, Armavia said in an e-mailed statement today. The total debt was less than $50 million, Baghdasarov told the Arminfo news service on March 15.