Logo
  Friday, July 19, 2019
Sign-In  |  Sign-Up  |  Contact Us  |  Bookmark 

Russia's leading carmaker, AvtoVAZ, which has seen its sales plummet
Russia's leading carmaker, AvtoVAZ, which has seen its sales plummet amid the ongoing financial crisis, is seeking a loan from state-owned bank VEB, a Russian business daily reported on Friday.

According to Kommersant, the plant's warehouses contain 100,000 unsold cars, and even if AvtoVAZ gets the loan, the money will only be enough to keep the company in business for two months.

On Monday, Prime Minister Putin announced VEB would receive up to $50 billion from Russia's Central Bank to help companies in trouble refinance their foreign loans. However, AvtoVAZ is seeking the loan to replenish its working capital.

The terms for the VEB loan to AvtoVAZ have yet to be specified and approved by the bank's loan committee.

The paper quotes "informed sources" as saying that the deal with VEB could be concluded next week.

Russia's financial system has been affected by a global credit crunch which started in the U.S. and quickly spread to Asia and Europe leading to record losses on Russia's financial markets, rising interest rates and a liquidity shortage.


Print Russia's leading carmaker, AvtoVAZ, which has seen its sales plummet Bookmark Russia's leading carmaker, AvtoVAZ, which has seen its sales plummet

Related News   
SepOctober 2008Nov
MoTuWeThFrSaSu
293012345
6789101112
13141516171819
20212223242526
272829303112
3456789