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Russia to shut down Baikal paper mill

February 27, 2013, 17:06 UTC+3
Dvorkovich said the Baikal pulp and paper mill will be shut down, and that the production will relocate to other companies
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Photo ITAR-TASS

Photo ITAR-TASS

MOSCOW, February 27 (Itar-Tass) - Deputy Prime Minister Arkady Dvorkovich said the Baikal pulp and paper mill will be shut down, and that the production will relocate to other companies.

"We've made the decision to phase out the Baikal pulp and paper mill within a year and relocate the production to other enterprises," Dvorkovich told reporters on Wednesday. The Baikal pulp and paper mill was commissioned in 1966. Its output made up some 200,000 tons a year. The state-owned Rosimushchestvo had a 49-percent stake in the company, and the remaining stake belonged to Nikolai Makarov's businesses. Bankruptcy administration was appointed in December 2010 and bankruptcy procedure will last until June 5, 2013, by the ruling of the Irkutsk region arbitration tribunal. On February 7, 2013, the tribunal replaced the company creditor - Alfa Bank and its subsidiaries -- with Vnesheconombank. The Baikal paper mill's debt reaches 1.352 billion roubles.

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