My profile:
Magnitogorsk Iron & Steel Works, or MMK, said Tuesday that it had agreed to restructure AvtoVAZ's overdue debt as part of a long-term cooperation and supply deal.
MMK chairman and majority owner Viktor Rashnikov signed the agreement with AvtoVAZ president Boris Alyoshin, the statement said. The size of the debt was not disclosed.
The Russian auto industry owed MMK a combined 3 billion rubles ($88 million) at the end of 2008, Interfax reported
Under the agreement, MMK will "make regular deliveries of a guaranteed volume" to AvtoVAZ, the statement said, without specifying the volume. In the second and third quarters of 2009, the companies will agree on a pricing plan based on MMK's production costs and the debt repayment schedule, it said.
The government has made saving AvtoVAZ, a major employer in the Samara region, a top priority, and Prime Minister Vladimir Putin promised loans and aid worth more than $1 billion on a visit to the plant last month.
MMK Agrees to Restructure AvtoVAZ Debt
22 April 2009
The Moscow Times
Discussion
Comments
The Moscow Times welcomes comments from our readers and encourages you to participate in creating a dialogue about modern-day politics, business and events in Russia. In order to post a comment, you must first be registered with our site, and all comments must adhere to our comments policy.
1. Comments must pertain to the topic of the corresponding article.
2. Comments must not contain vulgarity, ad hominem attacks, slander or anything resembling hate speech.
If you have posted a comment and it does not appear within 24 hours, please contact us.
1. Comments must pertain to the topic of the corresponding article.
2. Comments must not contain vulgarity, ad hominem attacks, slander or anything resembling hate speech.
If you have posted a comment and it does not appear within 24 hours, please contact us.
Most Read
-
Spanish Arrests Expose a New Kind of Mafia
When Spanish police announced the arrest of about 80 reputed mobsters across Europe last week, many media reports trumpeted the development as the latest crackdown on the Russian mafia.
-
Georgians Recall Russian Ties After Rugby Victory
Georgia's rugby team stood holding candles before a priest Saturday to receive words of encouragement all too similar to those issued during the country's short 2008 war — beat Russia.
-
U.S. Institute Awards $1M To Reclusive Mathematician
A private U.S. institute has awarded $1 million to a low-profile Russian mathematician who rejected the world's highest honor in the field in 2006.
-
Policeman Shoots After Metro Passenger Refuses to Give Up Seat
A Moscow police colonel was detained after he fired two shots from an air gun, injuring two people, amid an argument with a male passenger who refused to give up his seat on the metro to an elderly woman.
-
Rallies Calling for Putin's Ouster Fizzle
About 20,000 protesters called for Prime Minister Vladimir Putin to resign at dozens of rallies over the weekend. Opposition groups had hoped for a larger turnout that would increase pressure on the government.
-
Shale Gas Could Fuel European Energy Demand
Shale gas, which has transformed the U.S. market, could soon be flowing in Europe, shifting the balance of power in the continent's energy relationship with key supplier Russia.
-
Putin Presses Clinton for Lower Trade Hurdles
Prime Minister Vladimir Putin demanded that the U.S. administration lower hurdles to Russian investment and offered U.S. Secretary of State Hillary Clinton a list of trade complaints during a meeting Friday.
-
Wage Arrears 'Paid' to Sochi Olympic Workers
All salary arrears have been paid to workers building an Olympic site for the 2014 Sochi Winter Games, the Prosecutor General's Office said Friday, but workers denied that they had been paid in full.
-
Government Proposes Orthodox Holiday
The government has proposed a new national holiday, Baptism of Rus Day, in what could be viewed as a victory of the Russian Orthodox Church in the clericalization of Russian life.
-
Gryzlov Says Putin-Medvedev Tandem to Rule After 2012
President Dmitry Medvedev and Prime Minister Vladimir Putin will continue ruling Russia in a tandem after 2012, when Medvedev's first presidential term expires, State Duma Speaker Boris Gryzlov said Friday.
-
5 Reasons Why Russia Isn’t China
Many believe that Moscow should have copied China’s reforms. But what made China’s reforms a success was inapplicable to Russia.
-
Online Commerce Choked by Shipping Delays
Foreign-based Internet shopping sites are drawing increasing numbers of Russian consumers looking for deals, but as delays mount at the country's notoriously inefficient postal service, many are finding that securing delivery of their items is no simple task.
-
Russian Corruption 'May Force Western Firms to Quit'
Extortion by corrupt officials in Russia has gotten so bad that some Western multinationals are considering pulling out altogether, the head of a U.S. anti-bribery group said in an interview.
-
Sochi Olympic Workers Unpaid for Months
Some construction workers complain that they are going hungry after pawning their documents and valuables to get food at grocery stores, while sympathetic locals have organized a soup kitchen.
-
Russia Today Courts Viewers With Controversy
In a rare interview, the editor of Russia Today explains that the growing channel thrives on controversy as its provides an alternative to mainstream media, and polishing Moscow's reputation is not one of its tasks.
-
Mercedes May Help Solve LUKoil Crash
The "black box" from a LUKoil executive's Mercedes involved in a fatal crash last month will be sent to Germany for analysis, a source close to the carmaker's Russian office said.
-
Editor, Kremlin Critic Decry YouTube Video
Russian Newsweek editor Mikhail Fishman and opposition politician Ilya Yashin cried foul Thursday after a video surfaced on YouTube that seemingly shows them giving bribes to traffic police officers.
-
Putin Sells New Delhi ‘Plane-Proof’ Reactors
Prime Minister Vladimir Putin won support for Rosatom to build a dozen ultrasafe nuclear reactors in India, part of more than $10 billion in deals in energy, arms, telecoms and other cooperation signed during his visit Friday.
-
Medvedev Warns Ministers to Obey Orders
President Dmitry Medvedev warned federal and regional officials on Tuesday that they could find themselves out on the street for not fulfilling his orders in a timely manner, in his latest initiative to raise his profile as the country's top politician.
-
The Hard Lives of Police and Prostitutes
Traffic police and prostitutes have a lot in common. Both stand by the side of the road and try to get what they can from passing motorists.
-
5 Reasons Why Russia Isn’t China
Many believe that Moscow should have copied China’s reforms. But what made China’s reforms a success was inapplicable to Russia.
-
Car Crash Thrusts LUKoil Into PR Nightmare
Bloggers are seething over what they interpret as insensitive comments made by the company after one of its vice presidents, Anatoly Barkov, was involved in a car crash that killed two people. Some have called for a boycott of LUKoil gas stations and a popular rapper has written a song declaring that Barkov will go to hell.
-
Adopted Boy's Death in U.S. Stirs Russian Anger
The case promises to reignite Russian anger over U.S. adoptions, a delicate issue in U.S.-Russian relations in recent years, and could tangle efforts by U.S. President Barack Obama to "reset" ties that deteriorated under the previous administration.
-
Finlandization of Georgia and Ukraine
Moscow has a right to protect its own security, but it does not have the right to interfere in the affairs of its neighbors.
-
Mr. Nyet
The Kremlin is clearly not content with its diminished power status. But one way it can still project its power globally is to be the spoiler.
-
Online Commerce Choked by Shipping Delays
Foreign-based Internet shopping sites are drawing increasing numbers of Russian consumers looking for deals, but as delays mount at the country's notoriously inefficient postal service, many are finding that securing delivery of their items is no simple task.
-
The Olympic Test
Putin’s Olympics will put on display the system he has built, which is why I have so many doubts about the outcome.
-
Putin and Europe on the Same Crisis Page
The financial collapse in Greece and Spain has compelled the authorities to adopt unpopular measures — measures that Moscow officials refuse to even discuss.
-
'Russian Mafia' Abroad Now 300,000 Strong, Journal Says
A recent report in Versiya claims that up to 300,000 members of Russian criminal organizations have succeeded in pushing aside local groups and establishing their own “spheres of influence” throughout the world, from Australia to Mexico.
-
Russian Corruption 'May Force Western Firms to Quit'
Extortion by corrupt officials in Russia has gotten so bad that some Western multinationals are considering pulling out altogether, the head of a U.S. anti-bribery group said in an interview.
