YEREVAN. – Zhoghovurd daily has learned that Arsen Chitchyan, the manager of the bankruptcy case of the Karen Demirchyan Sports and Concert Complex CJSC in Armenia’s capital city of Yerevan, will submit a petition to the court, and about selling the CJSC’s property by public auctions, according to the daily.

“The bankruptcy manager wishes to obtain judicial authorization to sell the company property with one lot, [and] with the open classic method.

“It is expected that the auction will take place on April 1 this year. Note that the starting price of the lot is more than 2.5 billion drams [approx. US$5,067,100].

“By the way, the creditors have the right to appeal the manager’s petition, for which they have a seven-day period,” wrote Zhoghovurd.