United Shipbuilding to Acquire $2.8bn in Assets

13 June 2010 (Last Updated June 13th, 2010 18:30)

United Shipbuilders in Russia will acquire shipbuilding assets worth $2.8bn from Russian businessman Sergei Pugachov. Pugachov will sell the assets to the state-owned company to repay a €200m ($242m) eurobond due in July. Pugachov, who owns Russia's International Industrial B

United Shipbuilders in Russia will acquire shipbuilding assets worth $2.8bn from Russian businessman Sergei Pugachov.

Pugachov will sell the assets to the state-owned company to repay a €200m ($242m) eurobond due in July.

Pugachov, who owns Russia’s International Industrial Bank, is selling off the assets after a rating agency expressed concern over the bank’s liquidity position, according to The Wall Street Journal.

The assets include shipbuilding companies Severnaya Verf and Baltiisky Zavod.