"SUKHODOL" PORT IN PRIMORYE ABANDONED BANKRUPTCY MORATORIUM

The organization that manages the seaport located in Sukhodol Bay has filed an application refusing to apply the bankruptcy moratorium.  In a message published on Fedresurs, the company refers to paragraph 1 of Art.  9.1 of the profile law.

Last week, Rusbankrot reported on the government moratorium that began to operate from April 1, 2022. It allows companies to avoid bankruptcy claims from interested creditors for six months. According to the authorities, this measure should allow entrepreneurs to keep their business and staff, despite the difficult economic situation in the country.

However, many companies have already begun to publicly announce their intentions to abandon the moratorium, as it imposes a number of restrictions.

In particular, firms cannot distribute profits, buy back their securities (purchase buyback) and pay dividends.

The well-known beneficiaries of the “Sukhodol” Seaport are Mikhail Fedyaev and Vladimir Gridin. They own a quarter of the authorized capital of the organization. The Center for the Development of Port Infrastructure (CDPI JSC) has the same share of 25%. Since the end of 2021, the shares of Gridin and Fedyaev have been pledged to VEB and VTB banks, which provided credit lines for 5 billion and 27 billion, respectively, for the construction of the port.

The port under construction should turn into a transshipment hub designed not only for coal transportation, but also for container transportation and grain transportation. The coal port is only the first stage in the implementation of the project, investments in the construction of which are estimated by experts at 62 billion rubles.

The total amount of financial investments in “Sukhodol” is about 180 billion rubles. The port should include various infrastructure facilities, including railway infrastructure.