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Air Deal: Armavia, Zvartnots reach fresh agreement to settle financial dispute


zvartnots-international-airport-new-terminalArmeniaNow.com --  Armenia’s national air carrier, Armavia, and Yerevan’s Zvartnots international airport have reportedly signed a fresh deal that both companies hope will help eventually settle their bitter financial dispute.

Under the deal revealed by a representative of the Armenia International Airports company on Thursday afternoon, Armavia commits itself to paying off its debt to the airport reaching 5.3 million euros (about $6.9 million) between now and September. The two companies also agree on new ground service prices for the airline.

Early last week Armavia temporarily canceled its flights to and from Armenia demanding that Zvartnots lower ground service prices by 25 percent. Mikhail Baghdasarov, the owner of the company, said the current fees were too high according to international standards and did not exclude that the national carrier would consider filing for bankruptcy unless its demands were met.

Despite announcing a similar deal following government-mediated negotiations on Tuesday, the two companies later accused each other of reneging on their pledges.

After announcing today’s deal a Zvartnots airport official told Panorama.am that concessions on the ground service fees were a step to try to help the national air carrier. At the same time, the airport administration made it clear it wanted Armavia to develop a sound business strategy to avoid similar problems in the future.

Article source: http://bit.ly/xq5Umr

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