YEREVAN. – Armenia’s once sole national carrier, Armavia Airline Company, was declared bankruptcy about a month and a half ago, Zhoghovurd daily reported.

“Zhoghovurd has obtained Armavia’s creditors’ list; it is impressive, to say the least. Overall, Armavia owes different amount of money to 122 individuals—they are primarily the company employees—, and 27 companies.

“Solely the debt in dollars is about 90 million; there seems to be no end to the string of debts in [Armenian] drams.

“Zhoghovurd has found out that, aside from the individuals and private companies, Armavia also has tax liabilities to Armenia: 31 billion 357 million drams [approx. $60,821,560], and 2 million dollars,” Zhoghovurd wrote.