Economic Court approves decision of Tashkent Aircraft Association's creditors
Uzbekistan, Tashkent, Nov. 1 / Trend D.Azizov /
The Economic Court of Tashkent approved the decision of the creditors meeting of the State Stock Company Chkalov Tashkent Industrial Aircraft Association on the introduction of the external control procedure for 12 months over the factory.
The Economic Court decided on Monday and candidacy for external control must be approved during the week, a source in the governmental circles told Trend. The volume of the enterprise's account payable and the names of principal creditors are not reported.
According to Uzbek law, the debtor has significant benefits, including a moratorium on satisfaction of creditors' claims, under the external management.
"Taking this decision, the enterprise's creditors take into account the fact these measures will allow this important enterprise of the Uzbek economy, as the aircraft factory, to recover," the source said.
The source said the President is expected to give a new order, which will determine measures to restructure and rehabilitate the plant.Прослушать
The Chkalov Tashkent Industrial Aircraft Association was created on the basis of the Russian aircraft plant. It was evacuated to Uzbekistan in 1941 from the town of Khimki (Moscow region). The enterprise produced different models of aircraft, wings for AN-124 (Ruslan) and AN-225 (Mriya), including IL-76 aircraft and its numerous modifications.
The enterprise was transformed into a corporation in May 1996. Over 76.6 percent is owned by the state, 10 percent - the labor collective, 6.7 percent of shares are owned by the National Bank for Foreign Economic Affairs and the Uzbek Ministry of Foreign Economic Relations, Investments and Trade in the structure of the share capital of the company.
The various options for integration of the Tashkent aircraft plant with the Russian aviation facilities were considered over the years.
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