Court imposes bankruptcy management procedure on Russia's Baikalsk Pulp and Paper Mill at request of mill's arbitration manager; waste disposal program being developed, as mill continues operations during bankruptcy procedure

Kendall Sinclair

IRKUTSK, Russia , December 19, 2012 (Interfax Russia & CIS General Newswire ) – The Irkutsk regional Court of Arbitration imposed a bankruptcy management procedure on the Baikalsk Pulp and Paper Mill (Baikalsk PPM) on Wednesday at the request of the mill's arbitration manager, Alexander Ivanov.

"First, a stocktaking procedure provided for by the law, then the appraisal of all assets, and then the creditors will decide what to do with it," Ivanov told journalists about his plans following the court meeting.

The mill will continue its operations during the bankruptcy management procedure, he said.

"The mill will continue its operations, VEB [Vnesheconombank] will be involved, and all issues will be addressed [with VEB]. A waste disposal program is being developed, and the Natural Resources and Ecology Ministry has allocated the funding. When the program is developed, it will become clear when the mill is to be stopped," Ivanov said.

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