Armavia's flights suspended because of the company's debt

• Thursday, September 20, 20:09

Yerevan Zvartnots Airport has suspended the flights of Armavia, the national carrier of Armenia, because of the company's debt.

Spokesman of Zvartnots Gevorg Abrahamyan says that the company has failed to timely pay for the airport's services. He does not specify how much Armavia owes but says that it is big money.

They in Armavia say that this is a current debt. "We pay for the services after each flight. This time we failed to pay the fee in time because this Monday was a free day but we promise to pay it within the next 2-3 days," the source says.

The conflict between Zvartnots and Armavia started last year. Some sources say that Armavia sustained big losses in 2011.

They in the company refused to inform ArmInfo of their financial performance even though the law obliges big taxpayers to publish their financial reports.

Sources close to Armavia say that Zvartnots is trying to force the company to return to the former higher fee or to pay on a prepayment basis.

Armavia flies 102 times a week to 35 destinations in 20 countries. The company's shareholders are Mika Limited (34.9%), Mika Corporation (0.1%) and Aviafin LLC (65%).