AvtoVAZ Warns Of Possible Bankruptcy

A senior executive at leading Russian carmaker AvtoVAZ has warned that the troubled firm could face bankruptcy if it fails to restructure its debt. According to AFP, the core debt of the country's largest auto manufacturer reached RUB62bn (US$2.1bn) at the beginning of October, and could top RUB75.2bn (US$2.6bn) by the end of the year. AvtoVAZ chief financial officer Oleg Lobanov told local news agency RIA Novosti that the firm is considering several debt restructuring schemes, including the 'rather realistic option' of filing for protection from creditors.

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