A Russian arbitration court in Kurgan in the south Urals has ruled that there are no legal grounds for having Kurganmashzavod, Russia’s sole producer of infantry fighting vehicles, declared bankrupt. Kurganmashzavod is a subsidiary of Russia’s Tractor Plants Group.
“The court has taken into account the law on bankruptcy that establishes a special procedure for initiating cases about the bankruptcy of strategically important enterprises of Russia’s defence industry”, the company said.
The petition to have Kurganmashzavod declared bankrupt were launched in the Kurgan arbitration court on 5 February by the Moscow-based MTE Group. The claim was filed because of arrears under lease contracts signed between the two companies.
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