LITHUANIAN TRADER INTER RAO CONTINUED BANKRUPTCY

The court in Vilnius resumed the out-of-court bankruptcy of Inter RAO Lietuva. It was initiated on June 30 by a group of creditors. The reason was the freezing of banking operations first, and then the securities of the company that fell under sanctions. Through the Warsaw Stock Exchange, the organization announced that the period during which creditors can present their claims to the company has been extended until August 11.

The impossibility for a trader to make financial calculations became known in the middle of March 2022. Information about this was shared with the public by the service involved in the investigation of financial crimes. Subsequently, the economic activity of the organization was also suspended.

On May 20, the exchange operator Nord Pool announced the impossibility of making any transactions with the company's shares. A few days later, all transactions with Russian electricity on the territory of the Baltic states were also suspended. The operators reported that they had stopped using the services provided by the organization since June. After that, all the company's licenses for import-export operations were revoked by the regulator.

Alpiq AG, operating in Germany and Switzerland, became the only creditor who applied to the court with a demand to cancel the decision of June 30. The court suspended the bankruptcy as part of the interim measures. But now Alpiq AG has abandoned the filed claim and the procedure has been resumed.

According to the published data, the organization has about 4 thousand creditors. A significant part are the owners of shares who have not received their dividends. It's all the fault of the sanctions that were imposed on the company due to ties with the Russian state. Earlier it was decided that the dividends (€7.4 million) will be paid within the profit received by the company for the previous year. However, the operation was not missed by the branch of the Nasdaq Central Depository in Vilnius.

Inter RAO has been working in Lithuania for almost 20 years. The firm finished 2021 with a profit of €14.3 million. This is €2.1 million more than the 2020 profit. At the same time, revenue doubled last year to €334.3 million.