Air Armenia intends to appeal against the court decision on recognizing the company as a bankrupt, the press secretary of the airline company Sirakan Hambardzumyan told ArmInfo.
According to him, recently Court of General Jurisdiction of Kentron and Nork-Marash Administrative Districts recognized Air Armenia CJSC as a bankrupt on the basis of HSBC Bank Armenia claim. "The company will appeal against the decision by a procedure established by Law", the press secretary noted adding that the total indebtedness of the company exceeds 15 mln USD. According to him Air Armenia intends to introduce rehabilitation program, which was prepared by the company's experts jointly with the "East Prospect Fund" investment fund.
To recall, Air Armenia Air Line Company claimed to be awarded a status of national air carrier. After Armavia national air carrier launched a bankruptcy procedure (April 1 2013), Air Armenia that was previously serving charter flights to CIS, Europe, Middle East, Asia and Africa, launched passenger transportation but stopped to conduct regular flights a year later after accumulating debts. It was reported earlier, that Air Armenia received US$68.6 million from East Prospect Fund in exchange for 49% of its shares. According to the source, the airline is free to use the received funds as necessary. The deal gave Air Armenia guaranteed funds and increased the value of the airline's shares. "The key achievement of the deal is the airline's protection against bankruptcy and other risks," the airline says.