Yerevan’s Nairit recognized bankrupt

Armenia’s chemical plant Nairit was recognized bankrupt by the court of Yerevan’s Shengavit district, according to the official judicial website datalex.am.  

The court obliged Nairit Plant to pay more than AMD 1.23 billion, which includes also AMD 160 million fines, to the Electric Networks of Armenia.     On November 14, Armenia's ministry of energy infrastructures and natural resources announced a tender, with involvement of private investors, to re-launch Nairit chemical plant's production facilities. The re-launch is estimated to cost $200 to $300 million, ARKA reports.   Nairit has been standing idle since March 2010. The Armenian government has repeatedly said that the plant will be re-launched as soon as an investor appears.