The court’s decision to announce Air Armenia bankrupt was based on a suit filed by HSBC Bank Armenia – the air company owed €2,150,000 to the bank.
Air Armenia disputed the court decision on bankruptcy, but the Court of Appeal declined the air company’s motion leaving the first-instance court’s decision unchanged, and the bankruptcy formalization process began.
The company’s debts totaled $16 million by September 2015. Air Armenia also owed $2.5 million to Ala International, and $400,000 to the prominent Armenian entrepreneur Gagik Tsarukyan.
Air Armenia is also indebted to Zvartnots Airport, Ameriabank, Converse Bank and Ingo Armenia insurance company, Arka.am reports.
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