Home > Latest News > Armavia Proposes Rescue Plan To Avoid Bankruptcy

Armavia Proposes Rescue Plan To Avoid Bankruptcy

Armenia’s troubled national airline, Armavia, has asked the government to help it avoid bankruptcy with tax breaks and other measures that would support its renewed operations.

The debt-ridden company drew up a rescue plan nearly one month after saying that it will file for bankruptcy because of mounting losses. Armavia flights to more than 40 cities in the former Soviet Union, Europe and the Middle East were discontinued immediately after the announcement of the move on April 1.

Armavia was expected to ask an Armenian court to open formal bankruptcy proceedings that are required for liquidating companies operating in the country. But it has still not lodged such a request.

Armenian News

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