YEREVAN.- Armenian civil aviation official did not rule out bankruptcy of Armavia company.

Artyom Movsisyan, Head of Armenia’s General Department of Civil Aviation, said the company has occurred in a “tense financial situation.”

He recalled that Armavia’s agreement signed with government, which supposed providing the company with exclusive rights, is expiring on April 22. Movsisyan found it difficult to answer whether the agreement will be extended, as the decision will be made by the government.

As to rumors about selling Armavia, Movsisyan told reporters they had not received entries from any company. He also called “ungrounded” rumors saying Gagik Tsarukyan plans to purchase the company.

The official noted that government had not made final decision on Armenia’s adopting of “open skies policy”. He did not rule out creation of a state air company.