Armenia's troubled aviation industry

The IWPR (Institute for War and Peace Reporting) has a story about the Armenian aviation industry, stating that Armenian Airlines is formally bankrupt. AA has already given up its routes, which have been taken over by Armavia mostly.

According to Arsen Avetisian, general director of AA, the company owes its staff ten months' wages - around 250,000 US dollars in all. "The court has decided that debts will mainly be repaid after the company property is sold," he told IWPR, adding that the exact scale of the firm's debts would only be made clear when the liquidation process begins, but it is estimated to be between 12 and 30 million dollars. Some opposition figures are alleging that the bankruptcy has been deliberately planned. "Since 1998 the authorities have been carrying out a policy of artificial bankruptcy for AA," claimed parliamentary deputy Tatul Manaserian.

Posted by Matt on June 04, 2004 | TrackBack | Email to a friend