Furniture producers from the Kaliningrad Region are requesting to impose a bankruptcy moratorium

The Association of Kaliningrad Furniture Producers filed a request to Anton Alikhanov, Governor of the Kaliningrad Region, to impose a region-wide 1-year moratorium on initiating bankruptcy cases in relation to debtors from the furniture industry. Industry representatives note producers’ high debt load: their long-term accounts payable under already matured liabilities have increased by 23% compared to 2022.

Anton Alikhanov, in his turn, commented that the authorities were ready to consider this issue with the corresponding commission within the State Council, but it would be difficult to justify adopting such a measure without support from other regions.

As an alternative to the moratorium, the Governor promised the business to consider the implementation of a subsidized lending program in 2024, aimed, among other things, at refinancing debt obligations.