Urals | Real estate

Dzerzhinsky Machine dumps assets to pay off $27.5m debt

2 Oct '08
Perm-based Dzerzhinsky Machine Building Factory, which is going bankrupt, has announced an auction to sell yet another major asset, the firm said earlier today.

Earlier Dzerzhinsky Factory already sold part of its non-core assets.

The auction to be held on October 22 will start at $8m.

The factory intends to sell as a single lot its management office building, boiler house, locomotive shed with railway tracks, water tower and equipment for chain saw manufacture, sources in the firm said.

In so doing the factory hopes to get enough funds to pay off its $27.5m debt.
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