VIENNA – Russia’s largest auto maker, AvtoVAZ, acquires the bankrupt IzhAvto production facility based in Izhevsk, the capital in the Russian Republic of Udmurtia. AvtoVAZ is buying 100% of IzhAvto owner Obyedinennaya Avtomobilnaya Gruppa for RR1.7 billion ($56.9 million). Sberbank, which as its largest creditor held a controlling stake in IzhAvto as collateral, created OAG last year to manage production at the Izhevsk-based car plant. OAG took over IzhAvto’s assets in September. ...
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