AK47 maker bites the bankruptcy bullet

allesennogwat · 04-09-2012, 04:55 AM

By Alexey Nikolsky - RIA Novosti

The company that makes the world famous Kalashnikov assault rifle has declared bankruptcy. Even though hundreds of thousands of the guns have been sold world wide the company’s finances have been dire.

A court has given the green light to Izmash factory being wound up following a lawsuit by a creditor owed $30,000. The Kalashnikov maker is now in receivership, and an administrator has been appointed by the court.

The bankruptcy is part of the re-organization procedure that was launched by Kalashnikov’s parent company Russian Technologies State Corporation last year. It created a new subsidiary “Research and Production Association Izhmash” responsible for the gun-maker and related companies. Its director Maksim Kuzyuk said the bankruptcy procedure will help to save the brand and most of the company’s property.

The company makes around 90 percent of all rifles in Russia, according to Lenta.ru. Its most famous the AK 47 or simply the Kalashnikov has been a favorite with armies, rebels and smugglers for half a century. However, last year the company made a net loss of over $80 million and its production in monetary terms fell by 45 percent.

It’s newly created rifle the AK-12, which the company spent several years developing, has got quite a cold reception with reports that the Russian Defence Ministry is not going to buy it. The company unveiled the new rifle in February and claims it meets all the modern requirements and is due to be tested later this year.

Another blow for the gun-maker was lapses in security. A local resident bought a wooden box for firewood, only to find it contained new AK 47s. A number of managers at the company were fired over the incident.

http://rt.com/business/news/kalashni...-bankcupt-462/

allesennogwat · 04-09-2012, 04:57 AM

IZHEVSK, April 6 - RAPSI. The Udmurtian Commercial Court fined Izhmash $1.355 for doing business without a license, the court materials posted on the court's website read.

The materials state that the application to bring Izhmas to administrative responsibility was filed with the court by a prosecutor supervising regime facilities' compliance with the law.

The court materials do not describe the gist of the claims by the special prosecutors office.

Izhmash's press service and the representative of the regional prosecutor's office supervising the execution of laws at regime facilities refrained from making any comments.

A source familiar with the situation said the office's claims are connected with the organization of the utilization of Kalashnikov rifles at the plant.

It was earlier reported that an Udmurtian resident who expected to find a box of logs discovered 80 AK assault rifles inside a crate. The crate was brought from Izhmash. The police reported that the weapons arrived at the enterprise from the Defense Ministry for utilization, and the crates for the weapons were used to withdraw domestic wastes.

A criminal case was initiated as the plants employees did not duly fulfill their obligations on protecting weapons.

Izhmash is an industrial company founded in 1998 on the basis of the Izhevsk Machine-Building Plant. Izhmash comprises several enterprises that design and produce combat and civil firearms.

http://rapsinews.com/judicial_news/2...262717696.html

hk1123 · 04-09-2012, 06:40 AM

I need fire wood. NEED fire wood.

2004exrider · 04-09-2012, 07:59 AM

Sad to hear, hopefully the prices on Saigas won't sky rocket, I still need to pick up an IZ-332.

Jimmy

nalioth · 04-09-2012, 09:11 AM

Quote:

Originally Posted by 2004exrider

Sad to hear, hopefully the prices on Saigas won't sky rocket, I still need to pick up an IZ-332.

Jimmy

I'd no worry about it too much . .

If you look back at 2011, the same story was posted . .

If you look back at 2010, the same story was posted . .

If you look back at 2009, the same story was posted . .

It's getting to be an annual joke of a news item "Ihzevsk goes bankrupt!"

Pvt.Joker · 04-09-2012, 10:15 AM

Quote:

Originally Posted by nalioth

I'd no worry about it too much . .

If you look back at 2011, the same story was posted . .

If you look back at 2010, the same story was posted . .

If you look back at 2009, the same story was posted . .

It's getting to be an annual joke of a news item "Ihzevsk goes bankrupt!"

Kind of like the airlines do over here... Wait until you owe enough to your suppliers, then go teats-up on paper and walk away from it, while still selling product...

Enraged Gecko · 04-09-2012, 10:34 AM

The russian economy is stronger than our own and Ihzevsk is a state controlled entity..... You really think our own bailout of the auto industry wasn't inspired from by the various bailouts doled out by the russian government since the fall of communism?

allesennogwat · 04-09-2012, 02:46 PM

Pravda - 09.04.2012 - JSC Izhmash, the maker of the legendary Kalashnikov assault rifles, was declared bankrupt in accordance with the award of the Court of Arbitration of the Udmurtia Republic. Bankruptcy administration was introduced at the company on Friday, April 7.

The introduction of the bankruptcy administration will give the company an opportunity to preserve its property and brand. Maksim Kuzyuk, the General Director of Izhmash, believes that all enforcement proceedings will be suspended within the scope of the procedure. In addition, the arrests of the company's accounts will be lifted. Therefore, the company will be able to make settlements with counteragents and execute its current obligations on time (tax payments, contract payments, salary payments).

In 2011, JSC Izhmash and Russian Technologies state-run corporation developed the concept for restructurization. A new company called Scientific and Industrial Association Izhmash (NPO Izhmash), a branch company of Russian Technologies, appeared as a result of the work. All contractual obligations and personnel were re-registered with the new company. The basic activities will be delivered to NPO Izhmash before the end of the first quarter of 2012.

Russian news agencies said in January that the defense ministry was not planning any orders with Izhmash within the scope of the state defense order for 2012. It was also said that the new AK-12 assault rifle was nothing more but a bluff.

However, Izhmash officials said that the AK-12 was designed for export purposes to meet all modern requirements to small arms. An order from the state would give the company an opportunity to launch the serial production of the AK-12 for the Russian Armed Forces.

The state tests of the new rifle may begin at the end of 2012 or in the beginning of 2013. Russia's Interior Ministry has already evinced great interest in the new product.

"Developing a new family of automatic arms is a priority for Izhmash to retrieve the world share of the market," Maksim Kuzyuk, the General Director of the Scientific and Industrial Association said.

http://english.pravda.ru/business/co...kov_izhmash-0/

Beryl · 04-09-2012, 04:59 PM

They need to build a factory over here. We'll buy all they got.

warp2diesel · 04-09-2012, 05:29 PM

Examples of what Communism morphs into, Moffia Corruption that would make even Al Capone roll his eyes. Obama and his Chicago Thugs are not far behind with only the US Constitution in their way.

04-09-2012, 04:55 AM	#1
allesennogwat Curio & Relic AKaholic #: 3738 Join Date: Apr 2005 Posts: 32,167	AK47 maker bites the bankruptcy bullet By Alexey Nikolsky - RIA Novosti The company that makes the world famous Kalashnikov assault rifle has declared bankruptcy. Even though hundreds of thousands of the guns have been sold world wide the company’s finances have been dire. A court has given the green light to Izmash factory being wound up following a lawsuit by a creditor owed $30,000. The Kalashnikov maker is now in receivership, and an administrator has been appointed by the court. The bankruptcy is part of the re-organization procedure that was launched by Kalashnikov’s parent company Russian Technologies State Corporation last year. It created a new subsidiary “Research and Production Association Izhmash” responsible for the gun-maker and related companies. Its director Maksim Kuzyuk said the bankruptcy procedure will help to save the brand and most of the company’s property. The company makes around 90 percent of all rifles in Russia, according to Lenta.ru. Its most famous the AK 47 or simply the Kalashnikov has been a favorite with armies, rebels and smugglers for half a century. However, last year the company made a net loss of over $80 million and its production in monetary terms fell by 45 percent. It’s newly created rifle the AK-12, which the company spent several years developing, has got quite a cold reception with reports that the Russian Defence Ministry is not going to buy it. The company unveiled the new rifle in February and claims it meets all the modern requirements and is due to be tested later this year. Another blow for the gun-maker was lapses in security. A local resident bought a wooden box for firewood, only to find it contained new AK 47s. A number of managers at the company were fired over the incident. http://rt.com/business/news/kalashni...-bankcupt-462/ __________________ Daraclor: A brand of anti-malaria pills which we had to drink every week while on the border. Legend had it that these would make you turn yellow and that you wouldn't be able to tan.

04-09-2012, 04:57 AM	#2
allesennogwat Curio & Relic AKaholic #: 3738 Join Date: Apr 2005 Posts: 32,167	Kalashnikov manufacturer fined for unlicensed business activity IZHEVSK, April 6 - RAPSI. The Udmurtian Commercial Court fined Izhmash $1.355 for doing business without a license, the court materials posted on the court's website read. The materials state that the application to bring Izhmas to administrative responsibility was filed with the court by a prosecutor supervising regime facilities' compliance with the law. The court materials do not describe the gist of the claims by the special prosecutors office. Izhmash's press service and the representative of the regional prosecutor's office supervising the execution of laws at regime facilities refrained from making any comments. A source familiar with the situation said the office's claims are connected with the organization of the utilization of Kalashnikov rifles at the plant. It was earlier reported that an Udmurtian resident who expected to find a box of logs discovered 80 AK assault rifles inside a crate. The crate was brought from Izhmash. The police reported that the weapons arrived at the enterprise from the Defense Ministry for utilization, and the crates for the weapons were used to withdraw domestic wastes. A criminal case was initiated as the plants employees did not duly fulfill their obligations on protecting weapons. Izhmash is an industrial company founded in 1998 on the basis of the Izhevsk Machine-Building Plant. Izhmash comprises several enterprises that design and produce combat and civil firearms. http://rapsinews.com/judicial_news/2...262717696.html __________________ Daraclor: A brand of anti-malaria pills which we had to drink every week while on the border. Legend had it that these would make you turn yellow and that you wouldn't be able to tan.

04-09-2012, 06:40 AM	#3
hk1123 Veteran Member AKaholic #: 161499 Join Date: Feb 2012 Location: land of yogurt and mead Posts: 1,354	I need fire wood. NEED fire wood. __________________ Zdeno - Or, just fork over the cash now and be done with it, an AK is all a man really needs, it's the do-all-staythefuckoffmylawn-dontsleepwithmyfuckingwife-getthefuckoutofmyhouse type of rifle. WTB/WTT - stubs, barrel work

04-09-2012, 07:59 AM	#4
2004exrider Senior Member AKaholic #: 159059 Join Date: Oct 2011 Location: Ohio Posts: 505	Sad to hear, hopefully the prices on Saigas won't sky rocket, I still need to pick up an IZ-332. Jimmy __________________ America, it is time to stand up for your rights, CALL & HAND WRITE your senators, congressmen, and donate to the NRA-ILA. The only other option is to sit back and watch them wither away, what will YOU do?

04-09-2012, 10:34 AM	#7
Enraged Gecko Curio & Relic AKaholic #: 156919 Join Date: Apr 2011 Location: Louisiana Posts: 2,699	The russian economy is stronger than our own and Ihzevsk is a state controlled entity..... You really think our own bailout of the auto industry wasn't inspired from by the various bailouts doled out by the russian government since the fall of communism? __________________ Never get into an arguement with an idiot. He'll just drag you down to his level and beat you with experience.

04-09-2012, 02:46 PM	#8
allesennogwat Curio & Relic AKaholic #: 3738 Join Date: Apr 2005 Posts: 32,167	Kalashnikov rifle maker declared bankrupt Pravda - 09.04.2012 - JSC Izhmash, the maker of the legendary Kalashnikov assault rifles, was declared bankrupt in accordance with the award of the Court of Arbitration of the Udmurtia Republic. Bankruptcy administration was introduced at the company on Friday, April 7. The introduction of the bankruptcy administration will give the company an opportunity to preserve its property and brand. Maksim Kuzyuk, the General Director of Izhmash, believes that all enforcement proceedings will be suspended within the scope of the procedure. In addition, the arrests of the company's accounts will be lifted. Therefore, the company will be able to make settlements with counteragents and execute its current obligations on time (tax payments, contract payments, salary payments). In 2011, JSC Izhmash and Russian Technologies state-run corporation developed the concept for restructurization. A new company called Scientific and Industrial Association Izhmash (NPO Izhmash), a branch company of Russian Technologies, appeared as a result of the work. All contractual obligations and personnel were re-registered with the new company. The basic activities will be delivered to NPO Izhmash before the end of the first quarter of 2012. Russian news agencies said in January that the defense ministry was not planning any orders with Izhmash within the scope of the state defense order for 2012. It was also said that the new AK-12 assault rifle was nothing more but a bluff. However, Izhmash officials said that the AK-12 was designed for export purposes to meet all modern requirements to small arms. An order from the state would give the company an opportunity to launch the serial production of the AK-12 for the Russian Armed Forces. The state tests of the new rifle may begin at the end of 2012 or in the beginning of 2013. Russia's Interior Ministry has already evinced great interest in the new product. "Developing a new family of automatic arms is a priority for Izhmash to retrieve the world share of the market," Maksim Kuzyuk, the General Director of the Scientific and Industrial Association said. http://english.pravda.ru/business/co...kov_izhmash-0/ __________________ Daraclor: A brand of anti-malaria pills which we had to drink every week while on the border. Legend had it that these would make you turn yellow and that you wouldn't be able to tan.

04-09-2012, 04:59 PM	#9
Beryl Curio & Relic Bronze Contributor AKaholic #: 413 Join Date: Nov 2003 Location: NE Texas Posts: 2,660	They need to build a factory over here. We'll buy all they got. __________________ For we wrestle not against flesh and blood, but against principalities, against powers, against the rulers of the darkness of this world, against spiritual wickedness in high places. Ephesians 6:12

04-09-2012, 05:29 PM	#10
warp2diesel Veteran Member AKaholic #: 160273 Join Date: Jan 2012 Location: Illinois the Sucker State Posts: 1,709	Examples of what Communism morphs into, Moffia Corruption that would make even Al Capone roll his eyes. Obama and his Chicago Thugs are not far behind with only the US Constitution in their way. __________________ I Am a Trouble Shooting Road Warrior who Neutralizes Problems and Gets Paid To Do IT. I Am Also a Gun Builder & Owner, Diesel Gear Head Owner. All My Builds & Mods, I Did It Myself Without The Help Of The Government!!! They Need To Get Out Of The Way!!

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