“Elektrovazhmash” liquidates arrears of wages

Full payment of wage arrears will take place at SOE “Elektrovazhmash” on March 1 and 2. Thanks to the implementation of the financial recovery program, the company's management was able to attract additional funds that will be used to pay employees.

“A source of funds to repay current wage arrears has been found. Today, the wherewithal in amount of UAH 40 million will be transferred to the company's account and paid to employees in full size. We are at the final stage of bringing Elektrovazhmash out of the crisis; soon such problems will be disappeared from the company forever,” - said Viktor Busko, Acting General Director of “Electrovazhmash”.

At present, “Elektrovazhmash” is implementing a comprehensive financial recovery program. The company's management has already managed to restructure some of the bad debts accumulated by the old management of “Elektrovazhmash”, and negotiations to restructure other debts are underway.

Thus, in the near future “Elektrovazhmash” will receive UAH 300 million from debt restructuring, as well as payments from export deliveries. The amount of indexation under the contract with “Ukrhydroenergo” will also exceed UAH 300 million, currently the documents are in the EBRD, which finances the program to upgrade hydropower plants.

Recently, a power unit manufactured by “Elektrovazhmash” was put into operation at Kanivska HPP, the amount of the contract is UAH 50 million.

For the first time in 5 years, “Electrovazhmash” is being certified by “Ukrzaliznytsia” to participate programs for modernization and renewal of rolling stock.

Further steps in the recovery of “Electrovazhmash” will be the intensification of the pace of modernization of production facilities, as well as expanding the company's presence in world markets.