Mikhail Kalashnikov and his Kalashnikov Weapon. Photo from NewsweekKalashnikov Maker Files for Bankruptcy -- Pravda
The Court of Arbitration of the Republic of Udmurtia registered a petition in bankruptcy of JSC Izhmash (Izhevsk Mechanical Works), the largest firearms maker in Russia, Interfax reports. The court hearings to investigate the causes of the petition will be held on October 7, 2009.
Izhmash ships firearms to 15 countries of the world. Based in Izhevsk and founded in 1807 at the decree of Tsar Alexander I, and is now one of the largest corporations in its field. It makes the famous Kalashnikov series of assault rifle, along with a host of other Russian arms, including medium cannons, missiles, and guided shells. Izhmash also produces other goods, such as motorcycles and cars.
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Update #1: Russia's legendary Kalashnikov producer faces bankruptcy -- RIA Novosti
Update #2: Worlds’ biggest AK 47 manufacturer is bankrupt -- Business Day
My Comment: To say that I am surprised is an under statement. The Kalashnikov is a symbol of the Russian military, its history, and its manufacturing base.
I doubt that this bankruptcy will be permitted to proceed. Expect a bailout or a restructuring in the next few weeks.
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