MOSCOW, August 2 (AVN) - Leaders of the Aviastar-SP and Novoye Sodruzhestvo JSCs announced at a news conference on Thursday the intermission of the Novoye Sodruzhestvo investments into Aviastar-SP.
In accordance with the earlier signed investment agreement the Novoye Sodruzhestvo receives 25 percent of shares of the Avaistar-SP which masters serial production of TU-204 and AN-124 planes. The Aviastar-SP had to allocate RUR2bn (USD68.11m) to the Novoye Sodruzhestvo and make its amount of stock of shares reach 48 percent. The corresponding agreement envisaged the property rights reform estimated at 26 percent of shares by April 27. However the agreement was not implemented and the Novoye Sodruzhestvo which already invested RUR236m (USD8,037) into the Aviastar-SP stopped the whole process. The measure might cause the intermission of works at the Aviastar-SP.
According to Aviastar-SP Executive Director Valery Maltsev, the enterprise's new leadership together with the Novoye Sodruzhestvo holding company leaders is planning to keep the assembly line on production of AN-124 planes. Due to the current situation the holding company's leadership asked for help the investment agreement guarantee parties which are the Ulyanovsk region administration and Russian Aviation and Space Agency.
In accordance with the programme on the Aviastar-SP withdrawal from the crisis situation three TU-204 planes should be produced in 2001, nine in 2002, 12 in 2003, etc. The programme was approved by the Russian Aviation and Space Agency and Tupolev JSO.
According to Maltsev, the enterprise currently has almost 2m of square kilometres for production areas including 680m of square kilometres for shops. The enterprise already produced four AN-124 planes and 24 TU-204 planes while the production volumes of the enterprise permit to annually produce four AN-124 and 25 TU-204 planes or 60 TU-204 planes.