MOSCOW, October 28 (RAPSI) – The Moscow Commercial Court has declared Angstrem-T, the leading Russia’s semiconductor manufacturer, bankrupt, RAPSI is informed by the court on Monday.

This March, a monitoring procedure was introduced at the enterprise. The court included in the list of creditors of Angstrem-T the State Development Corporation VEB.RF, to which the manufacturer owes 14.3 billion rubles (about $225 million at the present exchange rate).

In June, the commercial court put on the list an 83.1-billion-ruble ($1.3 billion) debt of Angstrem-T to VEB.RF on the demand of the latter.

According to the applicant, the debt resulted from an 815-million-euro credit agreement made with the semiconductor manufacturer yet in 2008. Due to the fact that the debtor failed to comply with the repayment schedule, the debt amount was increased by the sum of the penalty.

VEB.RF said it acquired 100% of the voting stock of Angstrem-T in December of 2018.

Angstrem-T and Angstrem-M, subsidiaries of Angstrem Holding, were put on the US sanctions list in 2016.

JSC Angstrem-T was founded on June 10, 2005, for implementation of the investment project of establishing a submicron semiconductor manufacture foundry.

Angstrem is the leading Russian Semiconductor Company that produces full range of products from discrete components to high end microcontrollers and microprocessors

VEB.RF, Russia’s largest development institution, in partnership with commercial banks provides financing for large-scale projects to develop the country’s infrastructure, industrial production and social sphere, strengthen its technological potential and improve the quality of life.