Manufacturers of Russian Tank T-90 Owe the Banks Over 1 Billion Dollars

11.06.2009 — News

THE SVERDLOVSK OBLAST.

OAO NPK Uralvagonzavod managed to prolong the payoff period for overdue liabilities totalling 4.2 billion roubles. World-famous manufacturer of T-90 tanks reached an agreement with the banks about introducing a creditors committee and overdue debts restructuring.

The enterprise representatives informed RusBusinessNews that the total debt amounts to 39 billion roubles, of which 17 billion roubles account for lease payments and the rest are bank credit and bill of exchange liabilities. Among the major Uralvagonzavod creditors are such banks as Vneshekonombank, Vneshtorgbank, Gazprombank, Bank of Moscow and Alfa-bank.

Until the end of this year Uralvagonzavod will be working below its capacity. However, the enterprise is gradually increasing production of civilian products: in May it manufactured 170 rail tank cars, the target volume for June is 340 tank cars and for July - 500 tank cars and 500 open box cars. Anti crisis measures introduced to increase utilisation have already recalled 7,000 plant workers back to work - out of a total of 20,000 who have been on forced leave since 1 May.

On 16 April 2009 Oleg Sienko, 43, took over the position of Director General of OAO Uralvagonzavod from Nikolay Malykh. The new top manager is related to the structures of OAO Gazprom and the Rostekhnologii Corporation. Prior to moving to Nizhny Tagil he chaired the Board of Directors at OAO Electric Machine Building Works LEPSE in Kirov.