Product Overview
Armenian Airlines was established shortly after independence in 1991 from Aeroflot's Armenia directorate, and was the sole carrier in Armenia until 2002, when private companies Armenian International Airways and Armavia began to compete with it. Profitable until 1997, Armenian Airlines began a decline in 1998 which executive director Arsen Avetisian blamed on the 1998 Russian financial crisis. Additionally, technical problems with its sole Airbus A310 helped guide the company towards financial problems. The airline officially declared bankruptcy on April 15, 2003
