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Today in Russian Business – June 9, 2009

President Medvedev has said that bankruptcy laws need to be changed to maximize the possibilities of ‘revamping an enterprise‘.  Apparently Russian bailiffs are on the point of selling Telenor’s stake in Vimpelcom to cover the $1.7 billion court fine against the Norwegian company, which is ‘outraged’ by the prospect.  Telenor has warned Vimpelcom that if it is ousted as a shareholder, the company will deprive itself of opportunities to expand.  Car sales have sunk to a new low of 58% in May; LDV has gone bankrupt, as a last minute rescue package from Malaysian firm Weststar fell through.  The GAZ-owned company will make 850 workers redundant in central England.  The GM plant in St Petersburg will halt production until June 28; however a 5-day week will return after June 29.  Truck maker Kamaz has restarted production at its main production line.  Vadim Varshavsky’s Estar Holding says that six of its nine plants are filing for bankruptcy.  Mobile phone operator MTS is looking at expanding into Kazakhstan and Azerbaijan and has signed an MOU with Nokia.  HSBC will open 5 branches in Russia this month.