Wednesday, April 10 2013 20:37

Yuri Gusev: Hearings on VTB's claim against Armavia started on 4 April 2013


ArmInfo. The hearings on VTB's claim against Armavia started on April 4 2013 and are underway, Yuri Gusev, Director General, Chairman of Directorate of VTB Bank (Armenia), told ArmInfo's correspondent.

To note, Armavia, the national air carrier of Armenia, has launched the bankruptcy procedure and stopped its flights. It owes to its creditors, including VTB. The Bank has submitted the claims against Armavia and Mika Ltd owned by Mikhail Bagdasarov, to the Arbitration Court of Yerevan and the Royal Court of the Island of Jersey. The claims are worth a total of 22 mln USD. Armavia needed VTB's money to refinance the loan for the purchase of two SSJ-100 aircrafts.

Gusev pointed out that the debt center of VTB is carrying out all the legal procedures of the VTB Group. "We take no part in this process, we just help our colleagues to collect information and hold negotiations", he said.

At today's press conference Gusev said that the VTB, Central Bank of Armenia and the owner of Armavia are going to settle this issue "carefully and painlessly for the parties". "Relevant measures are being taken to minimize the losses for the parties and Armavia's owner does not evade contacts with the Bank", he stressed.
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