Russia’s Rostec considers three development scenarios for United Aircraft Corporation (UAC)
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October 3, 2019 - by rusaviainsider.com
Russia's state-owned technology and aviation giant Rostec has prepared three future development scenarios for United Aircraft Corporation (UAC), the parent company of the country's major aircraft manufacturers Sukhoi, MiG and Irkut, reports Kommersant business daily. One year ago the Russian government handed control of 92 per cent of UAC to Rostec, with the full acquisition to be completed in 2020.
All three scenarios require the government to subsidise Rostec to the tune of 350 billion roubles (US$5.4 billion) in order to settle massive debts, including 182 billion of past years' losses, 63 billion of outstanding investments in research and development programmes, 59 billion of clients' pending obligations, and 46 billion of UAC's bonds issued to cover the historical 2011 deficit.
According to some estimates, up to August of this year, UAC's bank debt total had reached 509 billion roubles.
If the government subsidy is provided this debt will reduce to 159 billion, leaving 89 billion still to be restructured.
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