Jul 21, 2008. /Lesprom.com/. Minnesko Novosibirsk Plc. (Novosibirsk) began to implement its anti-recessionary program, the company reported. Presently Minnesko Novosibirsk is in a challenging financial situation caused by many objective economic factors. Notably, the Russian Government Resolution on increasing export custom duties for roudnwood (by 20% in July 2007 and 25% in April 2008) has lowered considerably the Company’s compatibility on external markets. Apart from that, it is the world mortgage crysis that has considerably cut Minnesko Novosibirsk export deliveries and thus construction volume in Japan, China, Western Europe has dramatically dropped; production volumes have considerably lowered in major wood-consuming economic sectors. As a consequence, Minnesko Novosibirsk volume of export to Japan, for example, has dropped sevenfold. This resulted in decrease of sales volume of Minnesko Novosibirsk Ltd., which undermined company’s fnancial state. Along with that, the company’s owners represented by Sergei Glushak and Eugeny Artamonov regard current company position as hard but not critical. According to Eugeny Artamonov, the Executive Director of Minnesko Novosibirsk Ltd., “the company has potential, and managers will soon start to implement anti-recessionary program which will enable to improve liquidity of the company and fully satisfy creditors’ and bondholders’ demands. To begin with, the company has started debt restructuring process, increases work efficiency and tries to grow strong on the most profitable directions. Particularly, a decision is made to boost trade with China through ground border crossings which will lower transportation costs and increase considerably cost efficiency. At present, agreements are concluded to deliver products through Lokot and Zabaikalsk railway stations. The company has also started to trade through railway station terminal in Irkutsk along with Transles and TBC, which are both subsidiaries of Russian Railways Plc. Another solution is to diversify marketing policy and lower average delivery volume to every single counterpart. Apart from that, the company has redistributed raw materials flow on the territory of Russia, and widened its product line increasing the share of final products with high added value, e.g. boards, joists etc. Despite some financial troubles, Artamonov says, Minnesko Novosibirsk is a liquid company on the whole which comprises Chunoyarles Ltd., Mitech Ltd., timber harvesting enterprises located in Krasnoyarsk region with the total harvesting volume of 462,000 cubic meters and estimated capitalization of more than $25 million, as well as Kanskwood wood-processing plant with processing volume of up to 90,000 cubic meters and estimated capitalization of more than $15 million. Thus, Minnesko Novosibirsk possesses considerable assets which cost much more than the debt of the company. According to Eugeny Artamonov, debt restructuring process is already under way, shareholders and managers guarantee non-stripping of assets and declare taking all responsibility that the restructurization process will be held as transparently as it could be and to the benefit of every creditor and bondholder.