International Business

Russian Car Firm Closes: ZiL, famous for turning out vehicles from presidential limousines to heavy-duty trucks, closed down all 12 of its plants because it had no money to buy integral car parts, senior company officials said. Valery Saikin, the plant’s general director, told a news conference this week that the firm needs $260 million to overcome the crisis but that credits appeared highly unlikely. ZiL, formerly one of Russia’s biggest industrial enterprises, owes $110 million to the state and suppliers. Its board will hold a meeting next week to search for a solution. Nationalization of the plant is possible, Saikin said. ZiL was privatized in 1992, and the work force was slashed to 85,000 from 120,000.