MOSCOW, February 28 (RIA Novosti) - Moscow's Arbitration Court declared carmaker Moskvich bankrupt Tuesday, thereby upholding an appeal filed by the plant's creditors, a RIA Novosti correspondent reported from the courtroom.
Alexander Ivanov has been appointed to oversee bankruptcy procedures at the plant.
Moskvich has been under outside management since January 2004. Its current debts total 23.3 billion rubles ($828.6 million).
Over the last two years, the company earned 197 million rubles (over $7 million) renting out its premises, but managers were still forced to fire 1,500 personnel.
The company's creditors decided to start bankruptcy proceedings January 30.
