UrBC, Yekaterinburg, October 6, 2016. Ural Vagon Zavod Scientific & Production Corporation’s and Alfa-Bank’s representatives reached a settlement on their arbitration proceedings involving the corporation’s daughter enterprises ChTZ-Uraltrac and Uraltransmash; as it happens, the corporation itself borrowed no money from the bank.

According to the corporation’s press service, the settlements were reached in Sverdlovsk Region Arbitration Court and Moscow Arbitration Court on September 28 and September 30, 2016, respectively. Ural Vagon Zavod will be paying off its daughter enterprises’ debt (the principal amount) to Alfa-Bank using a five-year loan that Gazprombank issued to the corporation based on the Russian Government’s guarantees.

‘The guarantees on Gazprombank’s loan were confirmed by an interdepartmental committee that monitors the financial and economic performance of defense industry market players involved in the defense procurement,’ the press service says.

Based on the 2015 rating, Ural Vagon Zavod is a highly solvent Type A borrower, with net profit at 8.114bn RUR in the eight months of 2016. The company exports over 300bn RUR worth of goods every year.