YEREVAN.- Armavia air company failed to overcome the 2009 global crisis and improve the situation, head of parliament’s standing committee on financial affairs Gagik Minasyan said.

He noted that a number of air companies faced the same problems and Armavia’s bankruptcy was expected. Minasyan recalled that national carrier, which announced bankruptcy, had a license which was expiring this year.

“A new company must replace Armavia. It must have greater potential and a safety bag to resist such tremors and avoid bankruptcy,” Minasyan told reporters on Wednesday.

The Armenian market is small, therefore it will hardly be the focus of interest of large air companies. The MP underscored importance of government’s role, noting that in the conditions of a blockade, national carrier, at some extent, promotes or hampers economic growth.

 Asked who will pay the company’s debts, Minasyan said the bankruptcy proceedings are confirmed and clearly defined by the law.