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We know everything about bankruptcy
24/11/2024
Sunday
THIS DAY IN HISTORY:
24 November 
1970 The United States and the USSR ratified the nuclear non-proliferation treaty.
1970 The Central Committee of CPSU restored the national autonomy of the Kalmyks, Karachais, Balkars, Chechens and Ingush.
1970 Charles Darwin published The Origin of Species - the first edition was sold out in a day.
24 November
1970 The United States and the USSR ratified the nuclear non-proliferation treaty.
1970 The Central Committee of CPSU restored the national autonomy of the Kalmyks, Karachais, Balkars, Chechens and Ingush.
1970 Charles Darwin published The Origin of Species - the first edition was sold out in a day.
Saratov Glass Institute is on the verge of bankruptcy
Saratov Glass Institute (SGI), which has been under surveillance since last autumn, may become insolvent. The first meeting of the company's creditors took place on October 22, at which a decision to apply for a transition to bankruptcy proceedings was made.
Despite the position of SGI’s minority creditors, who suggested introducing an external management at the enterprise, the main creditors, Promsvyazbank and VEB.RF, voted for the bankruptcy proceedings. The debt to them is 435 million and 928 million, respectively, which is more than 90% of the total amount of 1.5 billion rubles debt, included in the register of creditors’ claims.
According to Interfax, the idea to introduce external management was proposed by the temporary manager of SGI, Alexander Nudelman. At the same time, representatives of the state corporation VEB.RF stated that they could agree to an amicable settlement with the debtor if the similar decision is made by Promsvyazbank.
We should remind our readers that the manufacturer of sheet glass has been actually going bankrupt since 2019. Its largest shareholder, Narat-K, also went bankrupt. A few weeks ago, VEB.RF secured the collection of shares, land plots and real estate objects of SGI, pledged under a loan taken earlier. The Saratov Arbitration Court issued a verdict on the sale of almost 2 billion shares of the enterprise at the auction.
Despite the position of SGI’s minority creditors, who suggested introducing an external management at the enterprise, the main creditors, Promsvyazbank and VEB.RF, voted for the bankruptcy proceedings. The debt to them is 435 million and 928 million, respectively, which is more than 90% of the total amount of 1.5 billion rubles debt, included in the register of creditors’ claims.
According to Interfax, the idea to introduce external management was proposed by the temporary manager of SGI, Alexander Nudelman. At the same time, representatives of the state corporation VEB.RF stated that they could agree to an amicable settlement with the debtor if the similar decision is made by Promsvyazbank.
Creditors expect that the company will continue to operate while saving jobs for its employees.
Government officials, who announced their intention to support the work of the company, have no plans to close the SGI down as well. The regional Ministry of Industry and Energy stressed out that the enterprise was supplied with electricity, gas and heat. However, the concerns of the workforce, despite the assurances of officials, continue to persist. Employees opposed the ‘murder’ of the plant, having organized a rally through the social networks, but they did not succeed in changing the decision of the majority creditors.We should remind our readers that the manufacturer of sheet glass has been actually going bankrupt since 2019. Its largest shareholder, Narat-K, also went bankrupt. A few weeks ago, VEB.RF secured the collection of shares, land plots and real estate objects of SGI, pledged under a loan taken earlier. The Saratov Arbitration Court issued a verdict on the sale of almost 2 billion shares of the enterprise at the auction.
Experts say that the reason for the difficult financial situation of SGI is a ten-year loan that the company received in 2015 from VEB.RF at 14.5% per annum.
The deal, which the head of the company called enslaving, as well as the change in the market prices for materials and an accident at the plant, led to the fact that the company was unable to pay interest to credit institutions. The debt to VEB.RF in the amount of 820 million rubles has grown to almost 928 million rubles, and the 323 million rubles taken from Svyaz-Bank have now turned into 435 million rubles, which threaten to drive the SGI to bankruptcy. 25.10.2021
