2012.06.04 | Russia’s Baikal mill creditors to extend external managementCreditors of Russia’s Baikal Pulp and Paper Mill have approved extending external management for six months until December, Alexander Ivanov, external manager, told reporters Thursday.
In 2010, the Arbitration Court for the Irkutsk Region put the mill under external management until June 22, 2012. As of the end of 2010, the mill’s debt amounted to 1.7 billion rubles, while Alfa-Bank was the main creditor.
Investments in the modernization of the mill are estimated at 5 billion rubles, Ivanov said.
Under the project, the mill will bleach pulp with oxygen instead of chloride and will utilize all of its production waste.
The mill halted production in 2008 following instructions from environmental protection authorities, but resumed operations in July 2010 after receiving government approval. In 2012, bleached pulp production is planned to amount to 82,000 tonnes.
(30.9758 rubles – U.S. $1)
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