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Amurmetall OAO may be put up for sale-Interfax

Thursday, 10 Apr 2014 02:39am EDT 

Amurmetall OAO:Amurmetall might be put up for sale at an auction in June, but there has been no interest from South Korea's POSCO, which had drafted a development plan for the company, an official at the Khabarovsk territory's Industry Ministry said-Interfax.The register of Amurmetall creditors includes 264 companies and individuals who are now owed a total of 26.043 billion Russian rubles.Main creditors include Vnesheconombank (VEB), Sberbank, Gazprombank and Raiffeisenbank.VEB acquired 100 percent of Amurmetall Holding in April 2010 and thereby gained control of Amurmetall, among other companies.In light of the depletion of its own working capital and the absence of credit, Amurmetall stopped production in its key production divisions on June 6-10 and it resumed operations on July 8.VEB and South Korea's POSCO in Sep. 2013 signed a memorandum on partnership and cooperation in the development of Amurmetall.VEB, in conjunction with POSCO, was due to draft short- and long-term development programs for the consideration of the steel mill's creditors.The Khabarovsk territory's Arbitration Court put the plant into receivership for a period of six months at the beginning of Oct. 2013, although VEB had said that it was in favor of external management procedures at the plant.The arbitration court at the beginning of April extended receivership at the plant until Oct. 2. 

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