The car manufacturer "Moskvich" denies the existence of reasons for bankruptcy, says a press release of the automobile plant.
Earlier it became known that the company "Silver Basics (HK) Investment Development Company Limited", registered in Hong Kong intends to apply to the Moscow Arbitration Court for recognition of the plant " "Muskvich" in bankruptcy.
„AD MAZ „Moskvich“ completely denies the circumstances of bankruptcy. Attention is drawn to the fact that the announcement published on behalf of Silver Base (HK) Investment Development Company Limited is only about the intention to file an application for declaration of bankruptcy of JSC MAZ "Moskvich" is information for a possible submission of an application and does not reflect the actual financial situation of the plant. Circumstances of the bankruptcy of AD MAZ "Moskvich" missing“, the message notes.
At the end of February, it became clear that "Moskvich" there is a net loss for 2023 in 8.5 million EUR, which is a growth of 3.6 times compared to 2022. Then it became clear that the total debt of the company is also 42 million EUR, or 2.5 times more compared to the previous year. One of the few ways "Moscow" to become profitable is by producing 40,000 cars per year.