Yerevan: The Middle Eastern nation of Armenia Wednesday confirmed reports that its national air carrier Armavia was for sale, according to News Agencies.
Armavia press secretary Nana Avetisova said one of the main reasons for selling the company was its unprofitability.
"It is not known who the buyer will be -- Italians or someone else, because there are lots of interested people," Avetisova was quoted as saying.
Armavia flights at Zvartnots international airport near the capital city of Yerevan ceased Sep 20 after the airport refused to provide services over unpaid service fees.
Armavia has amassed $5.3 million in debt in the past six months.