According to recent reports in the car finance news, Russian company Avtovaz could go bankrupt if it cannot meet debt restructuring deals with its creditors. The Vice President for Finance, Oleg Lobanov, informed the Russian media of the debt crisis at the hard of the car company .

Putin had claimed that Avtovz would not be allowed to go bankrupt . The car manufacturer, which makes Lada vehicles, today claimed that it would have to file for bankruptcy if it cannot refinance its debt. Plans for Renault to save the troubled car firm remain uncertain.

Renault, the French carmaker, have a 25 per cent share in the company and therefore a substantial interest in salvaging the business. Oleg Lobanov reportedly commented: If there are no other options left, we'll have no other choice.