AM Online

Soviet car icon goes belly-up

The iconic Soviet carmaker Moskvich could soon be heading for the bankruptcy court.

The Moscow City Government has begun bankruptcy proceedings against the Moskvich factory, which has reported debts of 33bn roubles (£680m; $1.1bn).

Moskvich, still 60% state-owned, was badly hit during Russia's 1998 financial crisis, and has not produced cars since 2001.

Ironically, the municipal government hopes a slide into bankruptcy will be the beginning of a revival for the plant, which was once the pride of the city's industry.

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