OWNER OF ARMAVIA MAY REFUSE VTB LOAN TO BUY TWO SSJ JETS

The owner of the Armavia company may refuse the loan of the Russian VTB Bank to buy to SSJ (Sukhoi Super Jet) planes, the owner of Armavia Mikhail Baghdasarov said in an interview with the ARKA. At the end of 2007 Armavia signed a contact with the Sukhoi Civil Jet company to buy to Super Jets. The contract was assessed at 55 to 60 million dollars which was going to be financed by VTB. However, Baghdasarov said the company has agreement with VTB to use the service of the bank only in case Armavia does not get a more attractive proposal from other banks. The businessman said in case he sells the MIKA cement factory he will not need the loan. At the same time, he said Armavia got more competitive proposals from European banks which issue cheaper loans. “Presently, negotiations with French, English and Swiss banks financing aviation are underway,” Baghdasarov said. He also said that by the end of this year the company will buy two Canadair Regional Jet aircraft. In March 2009 a new Airbus 319 from Toulouse and in July one SSJ aircraft is expected. Armavia owns 9 aircraft, including two Airbus 319, two Airbus 320, one Boeing737, one CRJ100, one Yak42, one TU134 and one IL86.

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