Egorshinskiy plant’s owners have no action plan, Koksharov says

24 July 2009 (10:22)

The last meeting of the governmental committee for support of Sverdlovsk Region’s enterprises was devoted to the problems of Egorshinskiy radio plant.

It was detected that the company’s wage arrears amounted to 61.7 million RUR on July 1, 2009. In addition, the plant owes its creditors 1.41 billion RUR (including bank loans and interest) and has 85.4 million RUR worth of accounts receivable. Then, the plant’s debts to the region’s budget and the non-budgetary funds have recently exceeded 75.7 million RUR.

Most experts declared that it was impossible for the enterprise to avoid bankruptcy proceedings, to which the plant’s proprietors P. Chernavin and A. Gerasimov agreed.

Meanwhile, Head of Sverdlovsk Region Government Viktor Koksharov said neither of the plant’s owners had an action plan aimed at taking their business out of trouble. This means that, to get things back in order at the plant, the business needs an external trustee in bankruptcy who would look into the situation, find out what the real debt figures are, and detect all instances of illegitimate use of the enterprise’s finances.

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