Russia's Pitkyaranta pulp mill insolvent

摘要

The financial situation of Russia's JSC Pitkyaranta Pulp Mill has worsened.The arbitration court of the Karelian Republic initiated the insolvency procedure of the company which was already in the process of financial restructuring. According to Russian law, the insolvency procedure can last for a period of six months during which outstanding payments of the Pitkyaranta pulp mill will be frozen for monitoring. The measure is aimed at helping the company to stabilise its finances provided it can keep up production. Igor Kovalev has been appointed insolvency administrator.