The Belarussian container glass factory ‘Glassworks Elizovo’ has been declared bankrupt.

The Economic Court of the Mogilev region found that the glass factory has a RUB680 billion debt owed to five companies.

However, an independent evaluation contested that the debt was no more than RUB300 million.

An analysis found that the reason for the insolvency were inefficient management, errors made in its modernisation and a weak marketing plan.