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VTB bank files for car manufacturer's bankruptcy

12:22 15/09/2011

MOSCOW, September 15 - RAPSI, Dmitry Shchitov. The commercial court has registered an application filed by major Russian bank VTB for the bankruptcy of the Taganrog Automobile Plant, a major Russian car manufacturer, the Russian Legal Information Agency (RAPSI) reported on Thursday.

VTB Bank is Russia's second-largest bank in terms of assets. It was established in October 1990. The state owns an 85.5-percent stake in the bank.

Taganrog Automobile Plant (TagAZ) was incorporated in February 1997 and teamed up with South Korea's Hyundai in 2001. The plant's total output is 180,000 cars per year.

The Rostov Region Commercial Court has yet to schedule a hearing.

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VTB bank files for car manufacturer's bankruptcy

12:22 15/09/2011 The commercial court has registered an application filed by major Russian bank VTB for the bankruptcy of the Taganrog Automobile Plant, a major Russian car manufacturer.
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