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Mil looks for way out of external administration

Mil manager announces rescue plan for helicopter maker

Published: 9/17/1999

Serguey Belgurov, temporary manager of Mil (MVZ) under external administration, has announced that the external management team has produced a survival plan for the Moscow-based plant (www.concise.org 21st June 1999). The plan has been submitted to the plant's creditors and also some of its largest debtors, the MoD and the Ministry of Economics, as well as the Ministry of State Property (Mingosimushchestvo), and Russian Space and Aerospace Agency for coordination. In accordance with Russian bankruptcy law, while in administration, MVZ's debts are frozen for one year with a possible extension of six months.

Article ID: 874

 

 

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