posted 07-31-2007 01:00 PM            

quote:

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Russia's main producer of spacecraft is to be put into emergency administration to fight off bankruptcy, Russia's Interfax news agency quoted the company's chief as saying on Tuesday.

The Energia Rocket and Space Corporation is the main Russian contractor for the international space station and also makes satellites and rockets. It was unclear if Russia's space program would be affected.

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posted 07-31-2007 01:19 PM               

From the article:

"We intend to introduce emergency administration for the corporation, because the financial idealism that existed here has led not to flights to the moon, but to bankruptcy," Interfax quoted company chairman Vitaly Lopota as saying."

This is a dig at the ousted president Sevastyanov. I wrote about this back in March: Death throes and grand delusions

posted 07-31-2007 03:34 PM               

Senior official of Energia space corp. appointed president (RIA Novosti)

quote:

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Vitaly Lopota, formerly first vice president of the Energia space corporation and its chief designer, has been appointed the company's new president.

Earlier, Energia's shareholders voted to dismiss Nikolai Sevastyanov from the post by a 97% majority, and voted 97.5% in favor of Lopota, 57.

The decision to suspend Sevastyanov's mandate was made in late June by the board of directors of state-controlled Energia, which designs Soyuz piloted spacecraft and Progress booster rockets, launches communications satellites, and operates the Russian segment of the International Space Station (ISS).

Until today, Sevastyanov's duties were carried out by Energia First Vice President Alexander Strekalov, who also headed an experimental machine-building plant incorporated in Energia.

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posted 08-02-2007 07:26 PM            

What Lopota said is: "The financial idealism that the previous Corporation leadership had was leading not to the flights to the moon, but to bankruptcy".