Avtodiesel, the embattled Russian engine maker, is facing a lawsuit seeking its move into bankruptcy. The suit was filed by Alfa Bank with the Moscow Arbitration Court, according to local news reports.
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Avtodiesel is a unit of GAZ Group.
The report said struggling GAZ Group has managed to agree on debt restructuring with all of its lenders except Alfa Bank.
GAZ Group’s debt to banks currently amounts to 42bn rubles, Valery Shantsev, governor of the Nizhny Novgorod Region, said in May.
GAZ, Russia’s second-largest car producer, is to cut 7,000 jobs at its Nizhny Novgorod factory this month because of plummeting car sales, according to the Interfax news agency earlier today.
GAZ has been promised 4bn rubles (US$129m) from a government fund for the hard-hit domestic auto industry.
The Kremlin is also thought to be behind GAZ’s apparently successful bid in May for a plan to purchase Opel from General Motors in a consortium with Canadian auto parts maker Magna and Russian lender Sberbank.
