Russian IFV producer faces bankruptcy
Kurganmashzavod, which is Russia’s only producer of infantry fighting vehicles, may declare bankruptcy in the coming weeks, due to financial problems.
Sources close to the company, which is part of the Tractor Plants Holding, said it has huge debts and a collapse may affect its ability to fulfil Russian government defence contracts to supply military equipment for its land modernisation programme.
Total debts at Kurganmashzavod are estimated at RUB 15 billion ($250 million). The biggest lender is Vnesheconombank, one of the largest banks, owned by the state.
The huge debts have built up towards its own employees, as well from
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