PROPERTY OF ARMENIAN AIRWAYS TO BE PUT UP TO AUCTION ON MARCH 7

Noyan Tapan
Feb 28 2007

YEREVAN, FEBRUARY 28, NOYAN TAPAN. Property of the total amount of 38
mln 751 thousand drams (about 110 thousand USD) of the bankrupt airline
Armenian Airways will be put up to auction on March 7. Chairman of
the bankruptcy commission on Armenian Airways Hrant Ghambarian told
this to NT correspondent.

According to him, IL-86 plane that belongs to the airline and is
currently in Moscow’s Domodedovo Airport will also be put up for
sale. The plane has been put up to action several times. It reserve
price now makes 122 mln 880 thousand drams but it is lowered by 20%
after each auction. By the way, about 2 million dollars is needed
to bring the plane into operational state, whereas at present such
planes are withdrawn from use.

To recap, two Tu-154 planes of the airline have been sold as scrap
metal.

The airline Express Line has purchased three YAK-40 planes of Armenian
Aiways.

Out of the airline’s bills payable, H. Ghambarian pointed out payments
of a total of 3.5 mln USD owed to disabled pilots and a salary debt
of 400 thousand USD. So far Armenian Airways received about 640 mln
drams as bills receivable and from sale of property, 130 mln drams
of which was paid to disabled pilots and about 90 mln drams was
transferred to the state budget.