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Budget Airline Avianova Stops Flying

Budget airline Avianova has officially stopped scheduled flights, the company said Monday.

"Due to the worsening economic situation, Avianova is stopping all scheduled passenger flights from 00:01 Moscow time Oct. 10, 2011," the company said in a statement on its web site.

Last week, the company said passengers with tickets for flights after Oct. 9 will be given full refunds.

Avianova was founded in 2007 as a joint venture between Arizona-based investment firm Indigo Partners, which holds a 49 percent stake, and A1, part of Mikhail Fridman’s Alfa Group, with the remaining 51 percent.

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