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. Last Updated: 07/27/2016

AvtoVAZ Ultimatum

MOSCOW -- Russian automobile maker AvtoVAZ must reach a deal with the government on restructuring its debt by Oct. 1 or face bankruptcy, Russian news agencies quoted First Deputy Prime Minister Boris Nemtsov as saying Tuesday.

"If by Oct. 1 there has been no decision on AvtoVAZ ... then the next questions will be about staffing and management, and after that bankruptcy legislation comes into effect," Nemtsov told a government commission on current issues.

"It should be clear for all managers ... that an active process is beginning to remove managers who do not fulfill their constitutional obligations to the state," Nemtsov said.

AvtoVAZ is one of Russia's biggest corporate debtors, owing 2.78 trillion rubles (about $480 million) in tax arrears as of Aug. 1.