AK-47 Maker Goes Bankrupt

Over 100 million AK's are out there

Izhmash, the manufacturer of assault rifle AK-47, or Kalashnikov, officially went bankrupt over unpaid debts, according to the Russian Ria Rovosti news agency. More than 100 million AK-type rifles are estimated to have been built since they were first introduced by inventor Mihail Kalashnikov in 1947. Izhmash is a unit of the Russian Technologies Corporation, a state holding company with mining, arms and automotive assets. A court has given the green light to Izmash factory being wound up, following a lawsuit issued by a creditor owed 814,000 rubles ($275,000). The Kalashnikov maker is now in receivership, and an administrator has been appointed by the court...A major blow for Izmash came when the Russian Defence Ministry announced that it would not purchase the newly-created rifle the AK-12, which was unveiled in February.
----
Full Report HERE
----
This parallels a report I posted here earlier about the Russians being overstocked with AK pattern rifles. All the licensing during the communist era for political reasons was the downfall of the Russian version, as aficionados realize the copies made in different countries range from abysmal basic firearms to those vastly superior to the Russian original...(S9)