Settlement between state-owned machine builder and creditors approved
NOVOSIBIRSK, December 19 - RAPSI. A court approved the settlement on Monday between the Russian Technologies Corporation's subsidiary Sibselmash and its creditors, RIA Novosti reports from the courtroom.
Sibselmash is Siberia's largest machine-building company. It produces agricultural machinery and mining equipment. Sibselmash entered into machinery supply contracts worth 1.3 billion rubles ($41 million) in 2011.
The court commenced a supervisory procedure against Sibselmash in July 2011 due to its 1.02 billion ruble ($32.1 million) debt. Sibselmash's main creditor is the Federal Tax Service, to which it owes 330 million rubles ($10.4 million).
Sibselmash is also bound to pay interest equal to half of the Central Bank's refinancing rate.