‘Egorshinskiy radio plant currently employs about 1,300 people, with 61 million RUR worth of wage arrears, as far as the basic workers are concerned. As for the top managers, the enterprise owes them about 40 million RUR. There exists an official document describing the paying-off schedule,’ the plant’s BOD member Andrei Gerasimov announced at a press conference in Yekaterinburg.

‘On June 24, 2009, our GD Vitaliy Yelkin sent a letter to the plant’s stockholders informing them of the business’s possible bankruptcy. Under the law, if no action is taken within thirty days, he is to file a petition for bankruptcy and place it with the court. He is highly likely to have to go through with the petition, in fact,’ Gerasimov added.

‘The first signs of the company’s imminent insolvency could be traced as early as December. The petition wasn’t filed, however, because the plant’s Pavel Chernavin and Rostechnologii State Corporation were then negotiating for the latter’s buying a shareholding in the enterprise. In the end, the transaction fell through, though,’ he said.