The maker of the Armata T-14 “Super Tank,” Uralvagonzavod, is set to file for bankruptcy. According to a notice posted to the Federal Register, the industrial enterprise's main creditor, Alfa-Bank, intends to file a bankruptcy petition.

Alfa-Bank intends to do the same with Uralvagonzavod's two subsidiary enterprises, the Chelyabinsk Tractor Plant and the Tractor Plant Technology Park.

A representative for Uralvagonzavod said the company would not comment on Alfa-Bank's intentions to file a bankruptcy petition.

The Uralvagonzavod R&D and manufacturing corporation, which produces railway and tracked military vehicles, has made a series of losses over the past few years despite decent revenues. In 2014, it came up 5.3 billion rubles ($79.6 million) short even with 127.5 billion rubles ($1.9 billion) in revenue. In 2015, it made a 16.4 billion ruble ($246.5 million) loss.

The bankruptcy is likely due to the Russian armed forces' recent decision to reduce the number of Armata tanks it plans to order from Uralvagonzavod. Army spokesmen say the reduction is because of the rise of the tank's production costs.

A bankruptcy petition is resorted to when a debtor is unwilling or financially unable to pay debts and legal aid or arbitration is necessary to satisfy the claims of creditors.

The Armata T-14 tank, Uralvagonzavod's flagship military vehicle, was first introduced to the Russian public at the May 9, 2015, Victory Day parade in Moscow. During parade rehearsals, the tank, described by Army Times as “faster than an Abrams,” seemed to break down in front of Lenin’s Mausoleum.

Uralvagonzavod started developing the Armata T-14 in 2009. Russian media referred to it as the “Super Tank” because of its monstrous size and impressive on-paper stats.