Arminfo.info



 Wednesday, August 26 2015 13:49

Avanesov Alexandr

Air Armenia Company embarks on second phase of overcoming stress period

Air Armenia Company embarks on second phase of overcoming stress period

 Air Armenia airline has embarked on the second phase of overcoming the crisis situation, Sirakan Hambartsoumyan, the head of Marketing Department at Air Armenia, told ArmInfo.  He said the registration of the shares at the Agency of the State Register of Legal Entities is over. The company launched this procedure to change its statutory capital and attract investors. 

"We are due to launch negotiations for leasing of aircrafts. If everything meets schedule, Air Armenia will resume flights as early as in the spring of 2016," Hambartsoumyan said. In his words, the company is working to have its bank accounts unfrozen. "After settling this problem, we will draft a business plan for development of the airline, determine the number of leased aircrafts and make contracts to launch airflgihts," he said.

Air Armenia received US$68.6 million from East Prospect Fund in exchange for 49% of its shares, Air Armenia told ArmInfo earlier. 

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.

East Prospect Fund registered on the British Virgin Islands bought a 49% stake in Air Armenia and promised to invest $30mln in the company's development. The agreement with the fund was signed on Dec 19 2014.  Executive of East Prospect Fund British Virgin Islands Vladimir Bobylev told reporters in Yerevan that at the first stage they are planning to spend $30mln to buy new planes and to open new flights to Arab states and Southeast Asia and to reschedule the company's debts. "We chose Air Armenia because we believe that it can prosper. Our goal is to make Air Armenia the leader of the region," Bobylev said.

In late October, Air Armenia leadership adopted a decision to launch financial restructuring and change the timetable. After Armavia national air carried 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.  East Prospect Fund is registered on the British Virgin Islands. On its website East Prospect presents itself as a fund manager specializing in "problematic assets." The Fund is managed from London and Kiev.

POST A COMMENT
Input digits     

News
Russian FM last contacted his Armenian counterpart last Nov Russian FM last contacted his Armenian counterpart last Nov 
No one in Armenia has the right to surrender territory to anyoneNo one in Armenia has the right to surrender territory to anyone
Speaker of Armenian, Azerbaijani parliaments to continue contacts Speaker of Armenian, Azerbaijani parliaments to continue contacts 
Armenian leadership deliberately leads Armenian-Russian relations to  collapse - LavrovArmenian leadership deliberately leads Armenian-Russian relations to  collapse - Lavrov
ECHR accepts complaints in cases of Armen Ashotyan and Artur  Danielyan for preliminary proceedings ECHR accepts complaints in cases of Armen Ashotyan and Artur  Danielyan for preliminary proceedings 
Freedom House ranks Artsakh Not Free after Azerbaijani occupation; it  losses 40 points at onceFreedom House ranks Artsakh Not Free after Azerbaijani occupation; it  losses 40 points at once
"Europeans for Artsakh" platform outlines Artsakh`s interests  protecting vector 
Government  allocates about AMD1.4 billion to properly organize 100th  anniversary events of Sergey Parajanov, Charles AznavourGovernment  allocates about AMD1.4 billion to properly organize 100th  anniversary events of Sergey Parajanov, Charles Aznavour
France expresses readiness to consider UFAR`s development and  expansion agenda within Academic City project France expresses readiness to consider UFAR`s development and  expansion agenda within Academic City project 
Armenia to send 30 tons of humanitarian aid to Gaza StripArmenia to send 30 tons of humanitarian aid to Gaza Strip
No No "governments in exile" for Armenia`s premier 
Armenia is turning into extremely dangerous instrument in the hands  of the West - Maria Zakharova Armenia is turning into extremely dangerous instrument in the hands  of the West - Maria Zakharova 
Former Nagorno-Karabakh president calls on France to expert pressure  on Azerbaijan Former Nagorno-Karabakh president calls on France to expert pressure  on Azerbaijan 
Housing programme for forcibly displaced people to be presented next  month - vice-premier Housing programme for forcibly displaced people to be presented next  month - vice-premier 
40+10 assistance programme for forcibly displaced people to be  extended until end 2024 40+10 assistance programme for forcibly displaced people to be  extended until end 2024 
CSTO Sec Gen on Armenia`s participation in CSTO work CSTO Sec Gen on Armenia`s participation in CSTO work 
Meeting in Brussels is to focus on Armenia`s economic resilience -  U.S. Department of State Meeting in Brussels is to focus on Armenia`s economic resilience -  U.S. Department of State 
Upcoming high-level meeting in Brussels not directed against any  third party - Armenia`s foreign office  Upcoming high-level meeting in Brussels not directed against any  third party - Armenia`s foreign office  
World has experience in development of even failed states - Artak  Zakaryan World has experience in development of even failed states - Artak  Zakaryan 
Zakharova: information on Azerbaijan`s arms supplies to Ukraine is  carefully checkedZakharova: information on Azerbaijan`s arms supplies to Ukraine is  carefully checked
Russian Foreign Ministry: France`s actions are hindering  implementation of Azerbaijan-Armenia agreements Russian Foreign Ministry: France`s actions are hindering  implementation of Azerbaijan-Armenia agreements 
Russian Foreign Ministry: Anything that will benefit the people of  Armenia is only welcomedRussian Foreign Ministry: Anything that will benefit the people of  Armenia is only welcomed
Gnel Sanosyan: Upon completion of demarcation and delimitation  process, there will be no unresolved problemsGnel Sanosyan: Upon completion of demarcation and delimitation  process, there will be no unresolved problems
Statements by Alen Simonyan are carte blanche for aggression:  Opposition MPStatements by Alen Simonyan are carte blanche for aggression:  Opposition MP
Armenia does not join  CSTO PA delegations heads  statement  condemning violent terrorist attack in Crocus City HallArmenia does not join  CSTO PA delegations heads  statement  condemning violent terrorist attack in Crocus City Hall
NA Speaker: I would like to meet with a person who can prove on a map  that the four villages of Tavush belong to ArmeniaNA Speaker: I would like to meet with a person who can prove on a map  that the four villages of Tavush belong to Armenia
National Assembly Speaker: there were no political overtones in my  meeting with Svetlana TikhanovskayaNational Assembly Speaker: there were no political overtones in my  meeting with Svetlana Tikhanovskaya
Armenian PM, French parliamentarians discuss processes in South  Caucasus Armenian PM, French parliamentarians discuss processes in South  Caucasus 
Baku irritated by Pashinyan`s upcoming meeting with Blinken and Von  der LeyneBaku irritated by Pashinyan`s upcoming meeting with Blinken and Von  der Leyne
French delegation inspects security in Sotk mine French delegation inspects security in Sotk mine
Offering Armenia EU candidate status makes its pivot to West  irreversible - report Offering Armenia EU candidate status makes its pivot to West  irreversible - report 
AraratBank places its 27th issue of dollar bondsAraratBank places its 27th issue of dollar bonds
Armenian MP meet with Danish counterparts  Armenian MP meet with Danish counterparts  
Surrender of Tavush villages to destroy locals` ecosystem - expert Surrender of Tavush villages to destroy locals` ecosystem - expert 
Renowned Swiss-American lutenist to perform in Armenia  Renowned Swiss-American lutenist to perform in Armenia  
Azerbaijan uses military-political leaders of Artsakh in captivity to  achieve its propaganda goals - statementAzerbaijan uses military-political leaders of Artsakh in captivity to  achieve its propaganda goals - statement
No details of upcoming meeting between Armenia`s premier, U.S. Sec of  State, European Commission president No details of upcoming meeting between Armenia`s premier, U.S. Sec of  State, European Commission president 
People of Nagorno-Karabakh determined to return to their homeland -  Leevon KocharyanPeople of Nagorno-Karabakh determined to return to their homeland -  Leevon Kocharyan
Armenian committed to peace and stability in South Caucasus Armenian committed to peace and stability in South Caucasus 
Tatoyan Foundation, together with other human rights organizations,  publishes joint report on torture committed by Azerbaijan against  ArmeniansTatoyan Foundation, together with other human rights organizations,  publishes joint report on torture committed by Azerbaijan against  Armenians
Mirzoyan: Armenia considers Argentina as reliable partner in South  AmericaMirzoyan: Armenia considers Argentina as reliable partner in South  America
French Ambassador: The right of Artsakh people to return to their  homeland has been violatedFrench Ambassador: The right of Artsakh people to return to their  homeland has been violated
State Dept on US policy principles in relations with ArmeniaState Dept on US policy principles in relations with Armenia
Slander aimed at removing National Democratic Pole from political  arena: party responds to IC Slander aimed at removing National Democratic Pole from political  arena: party responds to IC 
Armenian diplomat to EU special rep: Aliyev regime is gearing up for  new aggression against Armenia, as he faced no consequences for last  onesArmenian diplomat to EU special rep: Aliyev regime is gearing up for  new aggression against Armenia, as he faced no consequences for last  ones
ICLaw presents cases of 8 Armenian servicemen to UN Working Group on  Enforced DisappearancesICLaw presents cases of 8 Armenian servicemen to UN Working Group on  Enforced Disappearances
Following Armenian foreign office, references to Artsakh `disappear`  from president`s websiteFollowing Armenian foreign office, references to Artsakh `disappear`  from president`s website
Sati Spivakova and the Moscow Theater of Nations soon in YerevanSati Spivakova and the Moscow Theater of Nations soon in Yerevan
CSTO Secretary General calls for creation of tools to counter  terrorismCSTO Secretary General calls for creation of tools to counter  terrorism
No discussions yet held on the issue of Armenia`s new Constitution -  minister No discussions yet held on the issue of Armenia`s new Constitution -  minister 
Establishment of lasting peace and stability in South Caucasus  Armenia`s top priority - Nikol Pashinyan Establishment of lasting peace and stability in South Caucasus  Armenia`s top priority - Nikol Pashinyan 
Azerbaijan should end the intimidation and harassment of journalists  and civil society activists - Dunja MijatovicAzerbaijan should end the intimidation and harassment of journalists  and civil society activists - Dunja Mijatovic
Armenia`s minister of justice on reforms in judicial system Armenia`s minister of justice on reforms in judicial system 
Armenian expert on Azerbaijan`s policy of misappropriation of  Armenian heritage Armenian expert on Azerbaijan`s policy of misappropriation of  Armenian heritage 
Incident with ex-minister of defense followed by numerous dismissals  - minister Incident with ex-minister of defense followed by numerous dismissals  - minister 
Russia is going through a rather difficult period in relations with  friendly, fraternal Armenia - Russian presidential spokesman Russia is going through a rather difficult period in relations with  friendly, fraternal Armenia - Russian presidential spokesman 
Azerbaijan creates artificial grounds for military aggression against  Armenia - Arman Tatoyan Azerbaijan creates artificial grounds for military aggression against  Armenia - Arman Tatoyan 
Armenian FM takes part in presentation of book Armenian FM takes part in presentation of book "Armenian Buenos  Aires" 
Threats against Armenia in Azerbaijani media channels unacceptable -  Toivo KlaarThreats against Armenia in Azerbaijani media channels unacceptable -  Toivo Klaar
Opposition MP: Threatening people with war is not the mission of  country`s leaderOpposition MP: Threatening people with war is not the mission of  country`s leader
Read more



Commented