MODERNIZATION OF SEVERSTAL BROUGHT INTECH TO BANKRUPTCY

The construction holding "Intech" (CJSC) received the status of bankrupt. The decision on this was made by the arbitration in St. Petersburg due to a debt of 549 million rubles. The procedure of bankruptcy proceedings was entrusted to Kirill Prokofiev, representing the Interregional SRO AU "Assistance".

The company, operating under the ITM Group brand, originated in the North-Western region of the country two decades ago. A group of specialists who previously worked in the All-Union Trust "Hydroelectromontazh" organized an enterprise that switched to the construction of industrial facilities.

The holding, founded on the basis of the Intechmontazh electrical installation association, has successfully cooperated with many industrial enterprises, receiving construction contracts. It was Intech that worked on the construction of the Izhora factory commissioned by Philip Morris, writes Delovoy Peterburg. He also built Toyota and Hyundai automobile plants in the region. There were 7 specialized organizations in the group of companies.

At the end of 2020, Intech signed a contract as the general contractor of an industrial enterprise in Cherepovets owned by Severstal. The contract for the construction of a coke oven battery, which promised the company a large revenue, turned into mutual litigation. Last year, the holding went to court, demanding more than 415 million rubles from its counterparty.

Disagreements between the parties to the contract were caused by a discrepancy in the final cost of the project of the initial assessment. At the moment, the work of forensic experts of the North-Western Regional Center continues, who are tasked with assessing the legality of the company's claims to Severstal. It is assumed that the verdict of the court on this will be issued before the end of the stage of the bankruptcy proceedings of Intech.

It is the lack of payment, experts say, that could undermine the financial position of Intech. Its revenue in 2021 decreased by a third compared to the previous year (from 1.4 billion to 959 million). As a result, 2021 turned out to be unprofitable, the company missed more than 300 million rubles.

Photo by Freepik