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AVTOVAZ set up restructuring control committee

11 Dec '09
Source: http://news.smbc.ru/main/2009/12/07/24955.html

AVTOVAZ board of directors approved the setup and composition of a special board committee on monitoring restructuring and separation of AVTOVAZ non-core assets, as reported in the state corporation Russian Technologies.
The committee is set up to carry out one of the initial stages of restructuring under the implementation of the measures of the Russian Federation Government. The main purposes of the committee are the control over the set restructuring plan and coordination of the list of separated non-core assets, including assets of social and cultural sphere and control of AVTOVAZ assets separation. The plant management will inform its shareholders of the measures the company takes to implement the restructuring on a monthly basis. The key principles and stages of the restructuring are set out in the agreement of intent signed by the parties on November 27, 2009.
The committee comprises six members, who are mainly members of the AVTOVAZ board: Deputy Director General Igor Zavyalov, General Director of KAMAZ Igor Kogogin, Managing Director of Troika Dialog Sergey Skvortsov, Senior Vice-President for Eurasia of Renault Kristian Esteve. Among the committee members are AVTOVAZ President Igor Komarov and Director of Strategy and Planning of Renault Jacques Verdonk. The chairman of the control committee is Igor Zavyalov.
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