The Kiev Economic Court has ordered transfer of the Lvov bus plant to the Ukrainian Professional Bank (UPB) because of debts, the website reports.

The Lvov bus plant obtained a credit line of UAH 44.4 million from the bank in October 2007, using 38 buses and real estate as collateral.

The plant stopped servicing the credit line at the onset of the global financial crisis, and UPB began efforts aimed at recovering the debt.

Bankers inspected the plant’s factory building in July last year, but they did not find their buses there. Instead, they found the plant’s production facilities in poor condition. UPB then asked the court to transfer management of the plant’s assets to it.

The Lvov bus plant, which is controlled by Russian citizen Igor Churkin, stopped operation in early 2013. Churkin has announced its intention to close the plant mainly because of conflicts with the local authorities and move the plant’s equipment to the Dneprovsky bus plant, which is located in Dneprodzerzhinsk (Dnepropetrovsk region).