Russia: The Trust Non-Core Assets bank has sold its 93.6% stake in the car manufacturer.
This was reported by Aleksander Sokolov, the chairman of the boards of the Trust bank and the United Wagon Company, UWC, Russia. “The deal is done, the money has come”, he said in an interview with RBC. The new owner was not disclosed because of “the importance of this transaction for the state”, but it is said to be related to the industry.
According to the Prime business information agency, UWC’s financial rehabilitation was carried out by converting part of its debt into equity, at the same time as preparing for the sale. The agency quotes Sokolov, “Now the company’s debt burden is at an acceptable level, and the process of recovery is complete. We will retain the rights to claims against the UWC Finance subsidiary company, which is in default”.
UWC’s main asset is a car-building plant in Tikhvin, Russia. In November, its main legal entity, Tikhvin Freight Car Building Plant, consolidated car production facilities with a total output of up to 22,000 freight cars and 30,000 casting sets per year. This year, UWC plans to build 17,000 cars.
