Russia's top car maker Avtovaz asks shareholders for help to save it from bankruptcy

[-SINAN-]

Russia's top automaker AvtoVaz, controlled by Renault-Nissan, on Friday asked shareholders to help save it from bankruptcy as losses in 2015 tripled from the year before.

Hit hard by Russia's economic crisis the company, maker of Lada cars, said it would further "optimize the workforce" as part of its "anti-crisis plan" to improve finances in 2016, having already switched all of its employees and management to a four-day week in February last year.

Net losses in 2015 amounted to 73.8 billion rubles ($928 million), nearly triple the 2014 figure of 25 billion rubles ($314 million. Operating losses grew to 66.8 billion rubles ($840 million) from 14.7 billion rubles ($185 million) the previous year.

Without help, market conditions "create a material uncertainty that gives rise to significant doubt about the group's ability to continue as a going concern", Avtovaz said in a statement.

Sales fell by eight percent to 176.5 billion rubles ($2.2 billion), while the car market on average shrank by 36 percent.

Renault said earlier from Paris that the Avtovaz losses weighed on its group results with 620 million euros.

Based on the Volga river in the city of Togliatti, Avtovaz is majority owned since 2013 by Renault-Nissan and employs 44,000 people, not counting jobs it generates in the region for its suppliers.

The company promised to target "revenue improvements, cost reduction measures and sales of non-core assets" in its anti-crisis plan but warned that it needs help from shareholders to refinance its debt and secure new loans.

http://www.dailysabah.com/automotiv...reholders-for-help-to-save-it-from-bankruptcy

 

[somebozo]

May be Mr Putin can focus on developing economy rather than picking a bully fight with everyone...

 

[Nevsky]

Yea, its clear, Russia is falling apart, but what is happening in Turkey?


1,300 hotels in Turkish resorts up for sale amid tourism woes


As many as 1,318 hotels have been put up for sale along the Aegean and Mediterranean coasts after Russian sanctions along with security concerns hit Turkey's tourism industry hard.

The Mediterranean resort of Antalya has the highest number of tourism facilities -- 410 -- that are listed for sale, followed by the provinces of Muğla, which has 349 for sale; İzmir, 203; Aydın, 162; Balıkesir, 139; Çanakkale, 35 and Denizli, which has 20 in total listed.

The total sale price of the 410 hotels in Antalya amounts to TL 30 billion, while the remaining 908 have sale prices of a total of TL 8.8 billion.

Denizli Colossae Thermal Chairman Abdurrahman Karamanlıoğlu said a number of hotels in resort towns were left on the brink of bankruptcy after Russia imposed sanctions against Turkey after the latter downed a Russian warplane in November last year.

“We talk the realities but officials put a brave face on the issue. We have been heavily affected from the jet crisis. Especially the hotels in Antalya; being closed for the last four months, most of those are on the verge of bankruptcy,” Karamanlıoğlu said.

Nearly two months after Russia advised its citizens to cancel their visits to Turkey, an Islamic State in Iraq and the Levant (ISIL) militant blew up himself and 10 tourists; most of whom were German, in central İstanbul earlier this month, adding more turmoil to an already stagnant industry.

Russians and Germans represented the two largest groups of nationalities that visited Turkey in 2014. Turkey's tourism revenues fell 8.3 percent to $31.46 billion in 2015.

 

[airmarshal]

And why is Turkey picking fights it cant win?

Turkey has legitimate interests in settlement of Syria conflict. But it can only be a player, not the one controlling the events there or having the power to dictate the outcome. Picking a fight with Russians in Syria is a symptom of frustration on part of Turkey than anything else. Its clear Russian and Turkish interests dont converge in Syria.

 

[-SINAN-]

Yea, its clear, Russia is falling apart, but what is happening in Turkey?


1,300 hotels in Turkish resorts up for sale amid tourism woes


As many as 1,318 hotels have been put up for sale along the Aegean and Mediterranean coasts after Russian sanctions along with security concerns hit Turkey's tourism industry hard.

The Mediterranean resort of Antalya has the highest number of tourism facilities -- 410 -- that are listed for sale, followed by the provinces of Muğla, which has 349 for sale; İzmir, 203; Aydın, 162; Balıkesir, 139; Çanakkale, 35 and Denizli, which has 20 in total listed.

The total sale price of the 410 hotels in Antalya amounts to TL 30 billion, while the remaining 908 have sale prices of a total of TL 8.8 billion.

Denizli Colossae Thermal Chairman Abdurrahman Karamanlıoğlu said a number of hotels in resort towns were left on the brink of bankruptcy after Russia imposed sanctions against Turkey after the latter downed a Russian warplane in November last year.

“We talk the realities but officials put a brave face on the issue. We have been heavily affected from the jet crisis. Especially the hotels in Antalya; being closed for the last four months, most of those are on the verge of bankruptcy,” Karamanlıoğlu said.

Nearly two months after Russia advised its citizens to cancel their visits to Turkey, an Islamic State in Iraq and the Levant (ISIL) militant blew up himself and 10 tourists; most of whom were German, in central İstanbul earlier this month, adding more turmoil to an already stagnant industry.

Russians and Germans represented the two largest groups of nationalities that visited Turkey in 2014. Turkey's tourism revenues fell 8.3 percent to $31.46 billion in 2015.

Up to sale, not bankrupcy...... There are tens of thousands of hotels in Turkey it's normal for hotels to exchange owners.

"Denizli Colossae Thermal Chairman Abdurrahman Karamanlıoğlu said a number of hotels in resort towns were left on the brink of bankruptcy after Russia imposed sanctions against Turkey after the latter downed a Russian warplane in November last year."

It's in Pamukkale...inland. Russians goes to beach in Southern Coastal tourists resorts not to thermal resorts in Anatolia.... Jet crysis happened in the end of November, tourism season already ended...at max Hotels can reach %10-5 capacity...absense of tourists won't affect Hotels in these months.

If you wanna talk wait until 2016 tourism figures.

Arabs are now filling Russian spots....and a single Arab tourist spends equal to 8 Russians.

You can continue to crush Turkish tangerines you bought with dozers.

 

[Schutz]

Enough Brits go to Turkey to keep most the hotels open anyway haha

 

[bsruzm]

Arabs are now filling Russian spots....and a single Arab tourist spends equal to 8 Russians.

...
___
@BRICSFTW
One tourist goes, another comes, it is about Russia and it's industrial downfall so stay on topic.

 

[-SINAN-]

Sure, 1 300 at the same time, I guess it happens every single year, when was the last time when a thing like this happen?

I don't hold account for the sale of estates...but your are quoting the article from "Daily Zaman" ... no hotel is going bankrupt...(Some hotels can go bankrupt that the business world) but they are making a fuss like something big happened.

Another thing is bankruptcy can happen as there are too much hotels in Turkey, they were talking about this earlier. In this year; Just in Antalya there are more 5 Star Hotels than the 5 Star Hotels in whole Spain. And Spain gets more tourists than us.

The Turkish tourism ministry

expects to lose 4.5 million tourists from Russia this year. As a result, the country could lose about $7 billion, according to analysts, but I guess you are more reliable.

4.5 Million ? At best it was 3.5 Million Russian Tourists i guess.

At it dropped even more (about a million) because of the international sanctions Russians can't afford holidays in Turkey anymore...(and they try to show it like it's their choice. )

A Russian tourist spends 800$ in Turkey
Rus turist 800 dolar, Arap turist 4 bin dolar harcıyor - Milliyet Haber

2..6 Million x 800 $ = It's $ 2 Billion...and out of $30 Billion Tourism Industry it's nothing..we can easily cover for it, from other countries.....

And you can go to Sochi , stay in low class hotels, swim in the Black sea which we only use it for fishing

 

[C130]

Russia's top automaker AvtoVaz, controlled by Renault-Nissan, on Friday asked shareholders to help save it from bankruptcy as losses in 2015 tripled from the year before.

Hit hard by Russia's economic crisis the company, maker of Lada cars, said it would further "optimize the workforce" as part of its "anti-crisis plan" to improve finances in 2016, having already switched all of its employees and management to a four-day week in February last year.

Net losses in 2015 amounted to 73.8 billion rubles ($928 million), nearly triple the 2014 figure of 25 billion rubles ($314 million. Operating losses grew to 66.8 billion rubles ($840 million) from 14.7 billion rubles ($185 million) the previous year.

Without help, market conditions "create a material uncertainty that gives rise to significant doubt about the group's ability to continue as a going concern", Avtovaz said in a statement.

Sales fell by eight percent to 176.5 billion rubles ($2.2 billion), while the car market on average shrank by 36 percent.

Renault said earlier from Paris that the Avtovaz losses weighed on its group results with 620 million euros.

Based on the Volga river in the city of Togliatti, Avtovaz is majority owned since 2013 by Renault-Nissan and employs 44,000 people, not counting jobs it generates in the region for its suppliers.

The company promised to target "revenue improvements, cost reduction measures and sales of non-core assets" in its anti-crisis plan but warned that it needs help from shareholders to refinance its debt and secure new loans.

http://www.dailysabah.com/automotiv...reholders-for-help-to-save-it-from-bankruptcy

this can't be true. Sennheiser made a thread about how this Lada Vesta would destroy all Western/Japanese cars for value or something


https://defence.pk/threads/lada-vesta-will-destroy-all-western-japanese-cars-8200€-only.333573/

 

[-SINAN-]

this can't be true. Sennheiser made a thread about how this Lada Vesta would destroy all Western/Japanese cars for value or something


https://defence.pk/threads/lada-vesta-will-destroy-all-western-japanese-cars-8200€-only.333573/

I know what's going to be destroyed and it's nor Western neither Japanese cars.

 

[Hamartia Antidote]

Russia's top automaker AvtoVaz, controlled by Renault-Nissan, on Friday asked shareholders to help save it from bankruptcy as losses in 2015 tripled from the year before.

Hit hard by Russia's economic crisis the company, maker of Lada cars, said it would further "optimize the workforce" as part of its "anti-crisis plan" to improve finances in 2016, having already switched all of its employees and management to a four-day week in February last year.

Net losses in 2015 amounted to 73.8 billion rubles ($928 million), nearly triple the 2014 figure of 25 billion rubles ($314 million. Operating losses grew to 66.8 billion rubles ($840 million) from 14.7 billion rubles ($185 million) the previous year.

Without help, market conditions "create a material uncertainty that gives rise to significant doubt about the group's ability to continue as a going concern", Avtovaz said in a statement.

Sales fell by eight percent to 176.5 billion rubles ($2.2 billion), while the car market on average shrank by 36 percent.

Renault said earlier from Paris that the Avtovaz losses weighed on its group results with 620 million euros.

Based on the Volga river in the city of Togliatti, Avtovaz is majority owned since 2013 by Renault-Nissan and employs 44,000 people, not counting jobs it generates in the region for its suppliers.

The company promised to target "revenue improvements, cost reduction measures and sales of non-core assets" in its anti-crisis plan but warned that it needs help from shareholders to refinance its debt and secure new loans.

http://www.dailysabah.com/automotiv...reholders-for-help-to-save-it-from-bankruptcy

Oh nooooooooooooooooo!!!!!

Russian Cars are superior to German Cars | Page 7

I won't be seeing this car on the road

 

[-SINAN-]

Oh nooooooooooooooooo!!!!!

Russian Cars are superior to German Cars | Page 7

I won't be seeing this car on the road

I see, this senheiser guy is just a troll

 

[Hamartia Antidote]

I see, this senheiser guy is just a troll

I asked him if they make anything other than compact cars.

He shows me they do...a sub-compact car!

 

[AZADPAKISTAN2009]

Well if Russia wants they can open a factory in Pakistan , we need cars lots of cars

Packaged to start a family immediately after the purchase the back seats are foldable

 

[The Sandman]

this can't be true. Sennheiser made a thread about how this Lada Vesta would destroy all Western/Japanese cars for value or something


https://defence.pk/threads/lada-vesta-will-destroy-all-western-japanese-cars-8200€-only.333573/

oh yeah i remember that in other thread he told us how lada is waaay better than an Audi or other German cars