Armavia still in debt after selling Mika Stadium

Selling Armavia owner Mikhail Bagdasarov's Mika Stadium for over $22 million still leaves the Armenian airlines with a debt of about $37 million, according to Deputy Minister for Finances Pavel Safaryan, News.am reports.

About $17.5 million from selling the stadium will cover tax debts of Armavia, $890,000 to pay taxes of Mika Corporation, about $3.7 million to pay VAT for selling the stadium.