An Armenian court last week declared the state-owned Nairit synthetic rubber plant bankrupt in response to a request by the national power utility Electricity Networks of Armenia, which is owed some 1.24 billion drams ($2.6 million) in unpaid electricity bills by Nairit’s management.
The ruling on the shuttered Yerevan plant, a former economic flagship seen by some as having the potential to return to profitability and retain local jobs, was unexpected for several reasons.
Eighteen months ago, then-Energy Minister Yervand Zakharian had told the Armenian parliament that even though a World Bank audit indicated that reviving the plant was not economically viable, the financial expenditure that bankruptcy would entail would be far hig…
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