METROSTROI OF ST. PETERSBURG DECLARED BANKRUPT

The Arbitration Court declared Metrostroi JSC of St. Petersburg insolvent. The organization has existed since 1941 and was the largest participant in the construction of the northern capital's subway. Now a bankruptcy procedure has been introduced in relation to the company.

This decision was made at the initiative of the bankruptcy trustee, who did not see an opportunity for the debtor to get out of the crisis.

It is assumed that the vacant place will be taken by the ‘Metrostroi of the Northern Capital’. The company was created jointly with VTB. The new company will receive the status of the only supplier, and with it the right to conclude complex contracts without competition, reports Fontanka.

The fate of the debtor's employees has already been determined: they were offered a transition to a new organization - to the same positions and working conditions.

At a meeting with Metrostroi employees, the vice-governor of St. Petersburg Maxim Sokolov explained that now the state contracts concluded with the debtor will gradually be terminated.

As for the company's property, they are in no hurry to sell it. ‘Metrostroi of the Northern Capital’ intends to negotiate with creditors in order to keep the debtor's assets so that the new company could lease them and continue working. Thus, it is planned to make money and pay off the debts to creditors.