Armenian carrier Armavia Airlines filed for bankruptcy and will cease flights April 1. The airline said it failed to cope with the 2008 world economic crisis.

“An Armavia owner (the local businessman Mikhail Baghdasarov) supported the airline at the other businesses expense,” the carrier said in a statement. “But now it is impossible to continue this way.”

In Nov. 2012 Bagdhasarov put Armavia up for sale and local media reported the owner was considering potential buyers from Russia, Australia and Italy. Baghdasarov said there were no Armenian businessmen in a position to buy the airline.

The airline’s fleet includes two Airbus A320s, three Bombardier CRJ200LRs and three Boeing 737-500s. Armavia was the first to take delivery of the Sukhoi Superjet 100 in 2011 but later returned the aircraft to the manufacturer, saying it was unsatisfied with its operational results. Later the carrier refused to take delivery of second SSJ100. The Sukhoi Civil Aircraft company said the decision was based on the carrier's poor financial condition and not related to the aircraft’s operational performance.

Nearly half of the Armavia network is concentrated in Russia and Ukraine and the airline also performs flights to Europe, Middle East and North Africa.