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MOSCOW, Feb 6 (Reuters) - Russian carmaker AvtoVAZ (News) has halted its assembly line indefinitely because of difficulties with parts suppliers, the Kommersant newspaper said on Friday, quoting AvtoVAZ's president.
Kommersant quoted Boris Alyoshin as saying that the assembly line was halted because of the problems with suppliers who are unhappy with a payment scheme suggested by the firm.
AvtoVAZ, in which Renault owns a 25 percent stake, decided from February to pay suppliers with a mixture of 70 percent promissory notes and 30 percent cash, the paper said.
Alyoshin did not name the suppliers saying there were seven companies with which his firm is holding talks on resuming supplies. The assembly line will stay idle until the talks are over, he added.
Alyoshin said that AvtoVAZ cut its debt to suppliers to 18 billion roubles ($496 million) currently from 29 billion as of the end of December.
'If we sell 45,000 cars in both February and March I think we will be able to fully re-pay debts this spring,' he was quoted as telling the newspaper.
AvtoVAZ, which was selling 50,000-60,000 cars per month before the crisis, sold 30,000 vehicles in January.
Analysts had forecast a 25 to 50 percent drop in Russian car sales this year, down from the 3.2 million worth $69 billion sold in 2008.
A spokesman for AvtoVAZ could not immediately be reached for comment.
(Reporting by Tanya Mosolova; Editing by Greg Mahlich) ($1=36.30 Rouble) Keywords: AVTOVAZ/HALT
(tanya.mosolova@reuters.com; +7 495 ...; Reuters Messaging: tanya.mosolova.reuters.com@reuters.net)
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