Home Legislation in IT Domestic microelectronics plant “Angstrem-T” will be saved from bankruptcy by a billion-dollar injection from the budget

Domestic microelectronics plant “Angstrem-T” will be saved from bankruptcy by a billion-dollar injection from the budget

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Domestic microelectronics plant "Angstrem-T" will be saved from bankruptcy by a billion-dollar injection from the budget
Photo : Dmitry Astakhov/Russian Government Press Service/TASS

Russian microelectronics manufacturer Angstrem-T has been in a prolonged crisis for several years. About the company’s problems have been written about the problems of the company several times on Habra Now the problems have become even more serious, so the government has decided to save the plant. Namely, to provide multibillion-dollar financing.
The other day Igor Shuvalov, chairman of VEB.RF, announced that The plant will receive 20.9 billion rubles over several years It is worth noting that VEB.RF is the sole shareholder of the company. "This is all the money of the Russian Federation, because the nabcovet today recognized the project as having national importance. This means that we allocate funds not in line with our usual procedure: the risk of repayment is assumed by the RF government, while VEB.RF acts as an operator of the government in this case, " Shuvalov commented on the situation.
According to the official, this is not irrevocable funding but a loan. Part of the funds will probably be contributed to the share capital. At the same time, a few months ago financing in the amount of 4.5 billion had already been provided. This was done in order, according to Shuvalov, to ensure uninterrupted operation of the company.
In the winter of this year Angstrem-T needed 3 billion rubles just to continue its operations. At the same time, the company’s shareholder demanded guarantees for the return of the invested funds. And such a guarantee was a subsidy from the federal budget. Otherwise, the plant would have been mothballed in order to avoid technogenic risks.
VEB.RF became the sole shareholder of the plant at the end of December last year. Previously, the company was owned by former communications minister Leonid Reiman. In 2008, the plant obtained a credit line from the WB, receiving more than 815 million euros to buy equipment and build a plant for the production of microchips. Then the company failed to pay its debts, after which it was decided to convert the debt to VEB in the authorized capital. Due to this the state corporation has purchased all shares of Angstrem-T for 1 rouble.
Leonid Reiman remained the chairman of the company’s board of directors. The bankruptcy petition of Angstrem-T was filed earlier this year in order to financially rehabilitate the asset. In the future, VEB.ru is ready to consider selling the asset to interested investors or the state in exchange for compensation of its costs. The company itself said back in February that the plant was operating normally, with product shipments and negotiations with partners and potential consumers.
The investments allocated to Angstrem-T, according to experts, are not large by the standards of the world market, but they will be enough to solve most of the problems and fully load the existing capacities of the plant. For the company to really come out of the crisis it has to start working on the world market. Probably that is what will be counted on in the nearest future.
Now the plant is technologically lagging behind foreign competitors, moreover, it may have problems purchasing equipment from abroad.

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