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. Last Updated: 07/27/2016

Joys of Bankruptcy Pushed By State Duma Committee




If you want to convince a factory director of the joys of bankruptcy, get out your good stockings and a nice dress. Load the table with thick sausages and uncork your best wine.


Apparently factory directors can also be charmed with bricks, chemical dye, cables and wallpaper. That was the hope, at least, of the State Duma committee on industry, construction, transport and energy, which organized an exhibition ironically titled "Bad Products from Hopeless Factories" to go along with its hearing Thursday on bankruptcy of domestic enterprises.


The products were all from Russian companies that were once forced into bankruptcy but had bounced back stronger than before.


Committee member Pyotr Shelishch organized the exhibition in hopes of showing factory directors, threatened by debt, how the process of bankruptcy can heal their suffering enterprises, Shelishch aide Anton Chekhonin said.


A passageway along the hall where the hearing was held in the Duma, parliament's lower house, was bedecked with stands bearing tempting goods.


A shapely plastic leg sheathed in a hot pink lace stocking jutted up from a table. Krasnopresnensky Sausage Factory had stuck long green hot peppers in a long roll of smoked ham to give it ears. Bricks were piled up before photos of posh country cottages to tempt the deputies as they, their aides and secretaries filed passed, sniffing, feeling, hefting and asking whether anything was for sale. It wasn't.


The factory representatives were there not only to show their stuff but to testify to the wonders of well-executed bankruptcy.


"We found a sponsor, an investor," bragged the chief winemaker of Laza joint stock company as she and her colleagues drank off part of their exhibit.