Friday, August 14 2015 18:55
Alexandr Avanesov

Air Armenia appears to have overcome stress period

Air Armenia appears to have overcome stress period

ArmInfo. Air Armenia received US$68.6 million from East Prospect Fund in exchange for 49% of its shares, Air Armenia told ArmInfo. According to the source, the airline is free to use the received funds as necessary. The deal gave Air Armenia guaranteed funds and increased the value of the airline's shares. "The key achievement of the deal is the airline's protection against bankruptcy and other risks," the airline says.

East Prospect Fund registered on the British Virgin Islands bought a 49% stake in Air Armenia and promised to invest $30mln in the company's development. The agreement with the fund was signed on Dec 19 2014. 
 
Executive of East Prospect Fund British Virgin Islands Vladimir Bobylev told reporters in Yerevan that at the first stage they are planning to spend $30mln to buy new planes and to open new flights to Arab states and Southeast Asia and to reschedule the company's debts. "We chose Air Armenia because we believe that it can prosper. Our goal is to make Air Armenia the leader of the region," Bobylev said.
 
In late October, Air Armenia leadership adopted a decision to launch financial restructuring and change the timetable. After Armavia national air carried launched a bankruptcy procedure  (April 1 2013), Air Armenia that was previously serving charter flights to CIS, Europe, Middle East, Asia and Africa, launched passenger transportation.  East Prospect Fund is registered on the British 
Virgin Islands. On its website East Prospect presents itself as a fund manager specializing in "problematic assets." The Fund is managed from London and Kiev. 
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