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Russian spaceship maker fights bankruptcy

  • Story Highlights
  • Russia's main producer of spacecraft near bankruptcy
  • Energia Rocket and Space Corporation to get "emergency administration"
  • They are the main Russian contractor for the international space station
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MOSCOW, Russia (Reuters) -- Russia's main producer of spacecraft is to be put into emergency administration to fight off bankruptcy, Russia's Interfax news agency quoted the company's chief as saying on Tuesday.

The Energia Rocket and Space Corporation is the main Russian contractor for the international space station and also makes satellites and rockets. It was unclear if Russia's space program would be affected.

"We intend to introduce emergency administration for the corporation, because the financial idealism that existed here has led not to flights to the moon, but to bankruptcy," Interfax quoted company chairman Vitaly Lopota as saying.

In April, Nikolai Sevastianov, who headed Energia at the time, told the Vedomosti daily the company was working on a new space transport system that could eventually lead to the industrial development of the moon. E-mail to a friend E-mail to a friend

Copyright 2007 Reuters. All rights reserved.This material may not be published, broadcast, rewritten, or redistributed.

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