The machine-building giant now owes 39 billion RUR to its creditors and is currently negotiating for having its debts restructured for several years, the plant’s General Director Oleg Sienko said to RBC daily.

Meanwhile, Uralvagonzavod’s former GD Nikolai Malykh said at a meeting with Governor of Sverdlovsk Region Eduard Rossel and Plenipotentiary Representative of Russian Federation President in Ural Federal District Nikolai Vinnichenko in March 2009 that the plant needed about 10 billion RUR worth of loans to pay off its debts and keep up with the existing outputs.

‘Our debts are not too expensive, with the highest interest rate being less than 20% a year; sadly, however, a lot of money had been borrowed in foreign currency,’ Sienko added.