A Moscow court has declared Russia’s only domestic television manufacturer bankrupt, the newspaper Kommersant reported Monday, citing court records.
Consumer electronics retailer DNS filed a bankruptcy petition against the manufacturer, Kvant, last June over an unpaid debt of more than 654 million rubles ($8 million).
DNS owns the in-house TV and electronics brand Irbis, which Kvant stopped producing last year due to high costs and low demand.
Following DNS’s initial petition, 24 additional creditors joined the bankruptcy proceedings against Kvant, the only Russian TV maker registered with the country’s Ministry of Industry and Trade.
Court-approved claims have pushed Kvant’s total debt load to 4.15 billion rubles…