As I mentioned last year, the Russian car maker IzhAvto, which in addition to Russian car models also produces KIAs, had filed for bankruptcy.
Now, in May of this year, the company presented a restructuring plan to creditors that foresees the resumption of industrial activity, i.e. car production, as well as cost cutting and sale of property not related to the primary activity of producing cars. The plan was accepted in a creditors’ meeting on May 4, 2010.
The plan, which was developed by an external entity, also foresees the borrowing of 500 million rubles and furthermore assumes that the company will reach break-even after 18 month and be profitable thereafter. (This info is taken from a press release on the IzhAvto website.)
The first cars were indeed shipped in September 2010 and it will be interesting to see the end-of-year balance sheet of the company.