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Izhevsk Machine Building Plant goes bankrupt

April 06, 2012, 18:10 UTC+3
The Izhevsk Machine Building Plant (Izhmash) has been declared bankrupt by a decision of the Arbitration Court of the Udmurtia Republic
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IZHEVSK, April 6 (Itar-Tass) — The Izhevsk Machine Building Plant (Izhmash) has been declared bankrupt by a decision of the Arbitration Court of the Udmurtia Republic. On Friday, arbitration judge Irina Ryazanova passed a verdict, according to which, the Izhevsk Machine Building Plant is declared insolvent and bankrupt, and bankruptcy administration was introduced at the enterprise. The principal amount of the plant’s debt is 814,417 roubles and 80 kopecks.

The introduction of bankruptcy proceedings at the Izhevsk Machine Building Plant will make it possible to save the property of the company and the brand, Director General of the NPO Izhmash Research and Production Association Maxim Kuzyuk is certain. According to Kuzyuk, under this procedure, all enforcement proceedings will also be suspended, and the company settlement accounts will be unfrozen, which will simplify its settlements with contractors and timely meet all its current liabilities - tax deductions, payments under contracts, payment of wages, etc.

In 2011, the company jointly with the State Corporation Russian Technologies developed a concept of restructuring, within the framework of which a new company – Izmash Research and Production Association was established as a subsidiary of Russian Technologies to which all contractual obligations and personnel were transferred. It is planned to accomplish the transfer of the core activities to NPO Izhmash by the end of the first quarter of this year, and the the formation of the asset group - by the end of 2012.

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