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. Last Updated: 07/27/2016

New Perm Motors Issue

MOSCOW -- The aircraft engine manufacturer Perm Motors will increase its charter capital by 47.2 percent with a share issue, the Interros Financial Industrial Group said in a statement.

Thirty percent of proceeds from the sale will go toward paying off tax arrears and another 30 percent will be used for paying salaries. The rest is earmarked to help working capital requirements and expanding production, the statement said. Uneximbank subsidiary Interros owns a controlling stake in Perm Motors. In November it negotiated a settlement with local and federal authorities to restructure the company's debts.