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. Last Updated: 07/27/2016

KamAZ Named in Suit

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KamAZ named Deputy Prime Minister Ilya Klebanov to chair its board Tuesday. On the same day, International Finance Company, or MFK, a sister bank for Uneximbank, filed suit against KamAZ to cancel an additional share placement, which was given to the bank in exchange for the debt.

KamAZ owes MFK $52 million, according to the bank, but it issued 27 million shares to restructure its debt and transferred them to the bank.

The company has been trying to restructure its debts with the creditors for months, reaching agreement with the tax authorities and the European Bank of Reconstruction and Development, which carried a loan of $141 million on its books before the debt for shares swap.

KamAZ is restructuring part of its debts by issuing convertible bonds.