Armenian carrier Armavia could lose its fledging Sukhoi Superjet 100 fleet over unpaid debts owed on its first aircraft and its failure to negotiate financing for a second jet.

Armavia received its first SSJ100 April 16, 2011, and logged 1,870 flight hours from more than 760 revenue flights before sending the aircraft to Sukhoi this summer for regular maintenance, where the second SSJ100 destined for Armavia also is located.

But both these aircraft still remain with Sukhoi, with VP of Finance Evgeny Konkov saying that Armavia still owes the manufacturer $4 million, the last tranche due on the first SSJ100.

The delivery of the second SSJ100, which was scheduled for June 22, also has been delayed while Armavia attempts to negotiate better financing terms on a lease agreement proposed Russian bank Vneshekonombank. An Armavia spokeswoman tells Aviation Week that negotiations with the bank continue, but provides no further details.

Mikhail Pogosyan, President of Sukhoi’s parent company United Aircraft Corp., previously noted that Armavia’s financial issues will have no impact on the SSJ100 order book, which now stand at almost 180 orders, including contracts with Russia’s three largest operators, Aeroflot, Transaero and UTair.

According to Pogosyan, deals on 40 more aircraft with three undisclosed customers from Southeast Asia are also expected to bolster the order book in the next two to three months.

Sources within Sukhoi also say the two Armavia SSJ100s could be easily re-sold to other customers as soon as this year.