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
Already have an account? Log in
Want to keep reading this article?
Read this Article
Get access to this article with a Free Basic Account
- Original curated content, daily across air, land and naval domains
- 2 free stories per week
- Personalised news alerts
- Daily and weekly newsletters
Unlimited Access
Access to all our premium news as a Premium News 365 Member. Corporate subscriptions available.
- Original curated content, daily across air, land and naval domains
- 14-day free trial (cancel at any time)
- Unlimited access to all published premium news
More from Land Warfare
-
![Israel ramps up Arrow-4 development following Iranian attack]()
Israel ramps up Arrow-4 development following Iranian attack
Israel’s Ministry of Defense has fast-tracked the development of the Arrow-4 ballistic missile interceptor in response to recent Iranian ballistic missile attacks.
-
![Saab to manufacture Carl-Gustaf M4 near New Delhi as Swedish firm eyes Indian expansion]()
Saab to manufacture Carl-Gustaf M4 near New Delhi as Swedish firm eyes Indian expansion
Saab has planned to build “a streamlined ownership structure” in India to accelerate its investment plans and developing capabilities in the country.
-
![Japan orders THeMIS UGVs]()
Japan orders THeMIS UGVs
Milrem’s Tracked Hybrid Modular Infantry System (THeMIS) is a modular, multimission, hybrid UGV. The current fifth-generation model incorporates knowledge gained during tests in the US, Europe and the Middle East, as well as during field-deployment in Mali in the French-led Operation Barkhane.
-
![NATO orders more 155mm ammunition]()
NATO orders more 155mm ammunition
The contract, in the triple-digit million euro range, includes high explosive extended range projectiles, modular charges, fuzes and primers.
-
![US deploys Mid-Range Capability missile defence system to the Philippines]()
US deploys Mid-Range Capability missile defence system to the Philippines
Mid-Range Capability (MRC) missile defence system has leveraged Lockheed Martin’s expertise with two in-service USN systems: the MK 41 Vertical Launching System (VLS) and the Aegis Weapon System.
