Russian automaker IzhAvto has failed to make a coupon payment of 168.962m rubles on its second, 2bn ruble bond issue because of a lack of funds, the company said in a statement on Monday.

IzhAvto was due to make the payment on 11 June, according to Prime-Tass.

In mid-April, IzhAvto defaulted on a buyback of 1.238bn rubles worth of bonds because of a lack of funds, according to earlier reports.

Russian media reported earlier that IzhAvto was on the verge of bankruptcy. It suspended production in late April due to a lack of components and said earlier it could resume operations in July.

In April, Russia's SOK Group, which owned 98% in IzhAvto, sold a 74.8% stake in IzhAvto to senior managers of the carmaker.