Bankruptcy Service Head Recommends Division Of Kuznetsk Metal Works Into Five Affiliates

Founding of five affiliates at the Kuznetsk Metal Works is the only real way out of the crisis, Tatyana Trefilova, head of the Federal Service for Financial Rehabilitation and Bankruptcy (FSFR), stated at a news conference during her visit at the Kuznetsk Metal Works (KMK) today. The KMK Press Service reported that Trefilova had approved amendments to the receivership plan for the metal works. As it was reported earlier, the following five affiliated limited liability companies are to be founded on the basis of the metal works' assets: KMK Rails, KMK Steel, Kuznetsky Mining, KMK Industrial Construction, and Siberian Goods. In Trefilova's view, the founding of the affiliates is the only real way to resolve the crisis at the company now. The committee of creditors approved of the reorganization of the company on these conditions earlier.