Assets of Russian automaker IzhAvto are to be sold at a public auction scheduled for 12 September 12 in a single lot, the company’s bankruptcy manager said, RIA Novosti reported.
As soon as the auction is held, the procedure of transferring the company’s personnel to another structure is to take place, Kotov said, adding that this could be the United Automobile Group, which currently manages IzhAvto. In June, Russia’s largest carmaker AvtoVAZ fully acquired a controlling stake in United Automobile Group, Prime-Tass reported.
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IzhAvto, located in Udmurtia, suspended operations in May 2009 and filed for bankruptcy in September 2009. The automaker, which has been run by external management since March 2010, resumed production in September 2010.
On August 4, the president of Udmurtia Alexander Volkov said that IzhAvto is expected to pass into the ownership of AvtoVAZ in September.
