Armavia has not applied to court yet
Armenia's national airline, Armavia, is not yet preparing its documents for launching bankruptcy procedures.
"Compiling so many documents is a difficult and time-consuming process," the company's representatives told A1+. The company has started reimbursing passengers for cancelled flights.
At the beginning of the month, Armavia went bankrupt due to grave financial problems.
"Over the last three years, the owner of Armavia airline has been investing finances from (his) other businesses in order to support the air carrier," Armavia said in a statement issued earlier in the month. The company linked its inability to pay debts to the consequences of the world economic crisis that has hit the aviation industry hard and has caused the bankruptcy or liquidation of several major carriers such as American Airlines and Russia's Kuban.
