Reuters reported that Indebted Novosibirsk Integrated Tin Works is seeking to be declared bankrupt.

A regional arbitration court said that Novosibirsk's total debt was RUB 1.18 billion in the Q1 of 2010 of which RUB 356 million were overdue.

The company defaulted on rouble bond in the 2008 liquidity crunch, and sought to restructure this debt. The plant has said it planned to sell its non core businesses and it also expected demand to revive.

Production and sales data for the company have not been available since May 2009, when the company said its sales fell drastically by 72% to 122.3 tonnes in the Q1 of that year from the year earlier period as demand slumped.

In the whole of 2008 Novosibirsk produced 1,405 tonnes of tin down from 2,480 tonnes in 2007 due in part to a shortage of tin concentrate.

(Sourced from Reuters)