OTHER NEWS - Aug. 12, 1994

Stolichnaya Maker Receives Insolvency Notice: The notification for the makers of Russia’s best known brand of vodka is the first step in bankruptcy proceedings, but officials said output will not be affected. A Federal Bankruptcy Agency official told the Postfactum news agency: “There is nothing terrible in this, either for the firm or for lovers of Stolichnaya.” The notice covers with liquidity levels at Kristall, but does not mean the company will go out of business. Kristall General Director Vladimir Yamnikov said the firm is financially sound, though high taxes and duties have taken a heavy toll.