February 12, 2016 / 11:38 AM / 2 years ago

CORRECTED-Renault-Nissan's Avtovaz unit to seek loans after record loss

(Corrects to read billion not million, and dollar figure conversion, in paragraph 2)

MOSCOW, Feb 12 (Reuters) - Russia’s top automaker, Avtovaz , said on Friday it would ask shareholders for financing help after a record 2015 loss and an audit that revealed its frail finances.

Auditors EY said Avtovaz’s liabilities exceeded its assets by 67.78 billion roubles ($855.73 million).

“These conditions, along with other matters...indicate the existence of a material uncertainty which may cast significant doubt on JSC Avtovaz and its subsidiaries’ ability to continue as a going concern,” EY said.

The maker of Lada cars, majority-owned by the Renault-Nissan alliance, said management was confident it could secure help from shareholders “at a level required to finance its operations in the foreseeable future.”

$1 = 79.2075 roubles Reporting by Anton Zverev and Andrew Osborn; editing by Jason Neely

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