Creditors at Sibsteklo, the largest producer of construction glass in Siberia and the Russian Far East, have decided to sell the company“s business and property as part of an external management prog…
Creditors at Sibsteklo, the largest producer of construction glass in Siberia and the Russian Far East, have decided to sell the company“s business and property as part of an external management program, said company external manager Vladimir Klopov. According to the program prepared by external management, introduced at the plant in January this year for a period of 12 months, it is planned to sell the Sibsteklo business and property for 5 million rubles to the Prometei regional development fund. In addition, the Prometei fund will pay 8.5 million rubles to pay off Sibsteklo debt on wage arrears. Afterwards, the receiver should be sent in to Sibsteklo with the subsequent setting up of a joint stock company, free from debt. At the company set up based on Sibsteklo, Prometei plans to invest not less than 200 million rubles in summer this year. It is planned to use these funds to buy materials and to launch production. Production at Sibsteklo has been at a standstill since November 1999 due to lack of working capital and a number of accidents at the plant. The company“s capacity is sufficient for the production of 27,000 square metres of construction glass per day. Until production halted, the plant produced 4,500 square meters of construction glass per day. With the launch of production, planned for September this year, the company should produce not less than 22,500 square metres of glass per day. Accounts payable at Sibsteklo amount to 200 million rubles, including 54 million rubles owed to the budget and to off-budget funds. Sibsteklo charter capital amounts to 14,000 rubles. The company“s workforce owns about 70% of shares in the company.