Statement of SCAC on Armavia issue:

Armavia can’t refuse the plane since the plane is on encumbrance at bank. The airline has to pay a debt to SCAC of 4 million dollars.

SCAC offered the scheme of the refinancing through Webleasing (Webleasing offered the European rates), plus extra allowance within the terms of the agreement but Armavia refused from the proposal and refuse to take the second aircraft.

In addition Armavia didn’t pay for the first planned maintenance of the first aircraft.

The delivery of the second aircraft was planned at the end of 2011, but according to the customer (Armavia) request, SCAC postponed the delivery on June, 2012.

At the moment SCAC and Armavia are in discussion.

SCAC hasn’t received any termination of the agreeement nor official position yet.

Both planes are in Zhukovsky right now.