Aeroviva published the reasons behind the bankruptcy

Aeroviva Ltd., the travel agency which announced bankruptcy last week, finally declared the reasons behind the decision.

First of all, they pointed out that only half of the travlers they expected paid the price of the journeys, thus they could not guarantee the economical price they were striving to achieve. Secondly, their partner Travel Service Ltd., running the charter planes the travel agency used, was unable to obtain certain permissions enabling them to interrupt their journey, and the company only informed the agency about this deplorable fact a couple of days before running the first charter-flight. Thirdly, the revenue of the travel agency faced a drastic decrease in terms of revenue, and was therefore forced into a loss of hundreds of millions.