Urals | Industry, manufacturing

Lobvinsky Chemical upgrades, debt to cost $9m

21 May '08
Olga Serkhova-Kholmskaya, a representative of the new owner of Lobve-based Lobvinsky biochemical factory, said today at a press conference that up to $9m will need to spent to pay off the firm;s debts and modernize the factory's business to produce bioethanol fuel.

Over $2m is owed to the local power supplying company and wages owed to the factory's employees are almost $1m it was reported.

The preliminary agreement about purchasing the factory was signed last week. The name of the new owner will be disclosed after the transaction is fully completed
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