Alfa Bank requested bankruptcy of Uralvagonzavod


As reported by Interfax, Alfa Bank sent a request for bankruptcy of Uralvagonzavod to the Arbitration Court of Sverdlovsk Region.

“We are in constructive negotiations with Alfa Bank, and we agreed to not comment on the process,” the Deputy General Director of Uralvagonzavod Alex Zharich said.

The amount of the claim is unknown. The court has not yet accepted the claim.

The trial between Alfa Bank and Uralvagonzavod began after one of the subsidiaries of the corporation delayed payment of the loan of 338 million rubles ($5 million – RRT). In April 2015 the bank went to court with a lawsuit to recover the debt in several loans, the amount of the claim with all arrears and penalties amounted to more than 6 billion rubles ($90 million – RRT), and $39.7 million in addition to that.

On June 2 it became known that Uralvagonzavod sent more than 3,000 employees on forced leave until June 30. As it was reported by the company’s management, the reason was insufficient product sales and the decline in business activity.

Uralvagonzavod is the maker of Russia’s newest tank Armata, presented last year.