An Armenian court last week declared the state-owned Nairit synthetic rubber plant bankrupt in response to a request by the national power utility Electricity Networks of Armenia, which is owed some 1. The ruling on the shuttered Yerevan plant, a former economic flagship seen by some as having the potential to return to profitability and retain local jobs, was unexpected for several reasons. Eighteen months ago, then-Energy Minister Yervand Zakharian had told the Armenian parliament that even though a World Bank audit indicated that reviving the plant was not economically viable, the financial expenditure that bankruptcy would entail would be far higher. He said it was "absolutely not true" that the government "is taking the company to dissolution.
Armenia's Former Flagship Enterprise Declared Bankrupt
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Real-life Karens insist they’re not all racists
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