On October 6, the Poltava Regional Commercial Court declared the Kremenchuk Automobile Assembly Plant, one of four automakers in Ukraine, bankrupt.
The decision was made based on the decision of the Krasnoyarsk Automotive Plant (KrASZ) shareholders, which they announced in May. The plant is ceasing production and being liquidated. This is due to its large debts – as of the end of July, the company was cash-strapped, with loan debts amounting to almost 154 million hryvnias, while its assets are worth only 87,24 million hryvnias.
The plant specialized in semi-knocked-down vehicle assembly, pre-sale preparation, and warranty and post-warranty service. It assembled Chinese Geely passenger cars and converted Russian PAZ buses.
SKELET-info
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