Cherkasy court starts bankruptcy proceedings against Bogdan truck subsidiary

The Economic Court of Cherkasy region started bankruptcy proceedings against Avtosborochniy Zavod #3, a subsidiary of Bogdan Motors (UX: LUAZ UK, U/R), Interfax reported yesterday. Vitaly Gorovoy: Avtosborochniy Zavod #3 was created in 2005 as part of an investment project in Cherkasy, with a planned annual capacity of 15,000 trucks, which ended in 2008 and cost around UAH 100 mln. We do not expect any negative implications for Bogdan Motors as result of these proceedings, because all the plant’s production facilities are registered under a different legal entity.