ROSTOV-ON-DON, November 11, RAPSI. A commercial court extended until May 17, 2012 bankruptcy administration at Novocherkassk Synthetic Products Plant, a major manufacturer of organic chemicals, the court told RIA Novosti on Thursday.

Novocherkassk Plant of Synthetic Products is involved in producing carbonic acid, methanol, formalin and other organic synthesis products. The plant was Russia's only producer of methylpyrrolidone, used as an active solvent and raw material to produce synthetic fibers, paints and lubricants.

In March 2010 the court filed for the plant's bankruptcy. According to the latest information, its debt to 48 creditors amounted two billion rubles ($65.55 million). The company owes 546,000 rubles ($17,896) in wage arrears, almost 1.5 billion rubles ($49.16 million) in obligatory payments to the budget and non-budget funds.
Last May the court found the plant bankrupt and initiated bankruptcy administration against it.

"Yesterday, the court planned to hear the administrator's report, but the report was not provided. The bankruptcy administration was extended until May 17, 2012," the court's spokesperson said.

He added that by that time the plant is to establish its bankruptcy assets to be applied for debt repayment.