Worlds’ biggest AK 47 manufacturer is bankrupt
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Bloomberg
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Published:
2009/09/21 03:36:01 PM
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Izhmash, the biggest maker of Kalashnikov assault rifles, faces bankruptcy over unpaid debts.
The arbitration court in the Russian region of Udmurtia, where Izhmash is based, will consider a bankruptcy lawsuit filed by creditor OOO Gremikha on October 7th. Izhmash owes Gremikha more than $13 million, according to Izhmash’s Web site.
Izhmash, where Mikhail Kalashnikov, 89, invented the AK-47 in the 1940s, is a unit of Russian Technologies Corporation, a state holding company with mining, arms and automotive assets.
“A special commission at Russian Technologies is currently reviewing the financial situation of Izhmash and will issue a press release when its work is finished,” Russian Technologies spokesman Valery Kartavtsev said by phone in Moscow, declining to elaborate. Alexander Baditsa, a spokesman for Izhmash, declined to comment.