CREDITORS OF THE UFA VOSTOKNEFTEZAVODMONTAZH WERE BANNED FROM GATHERING

CREDITORS OF THE UFA VOSTOKNEFTEZAVODMONTAZH WERE BANNED FROM GATHERING

CREDITORS OF THE UFA VOSTOKNEFTEZAVODMONTAZH WERE BANNED FROM GATHERING
On June 4, 2024, the Bashkir arbitration court in the case of insolvency of the joint-stock company Vostokneftezavodmontazh (PJSC of the joint-stock company Vostokneftezavodmontazh) took interim measures (case No. A07-32010/2022). The court forbade the creditors of the company to hold a meeting until the claims of the largest creditors of the enterprise are considered on time.

Vostokneftezavodmontazh Joint–Stock Company is a large Bashkiria construction company owned by Fanil Khusnutdinov and Khalit Bikmukhametov through a number of legal entities that were its shareholders. The company's partners were well-known oil and gas giants of the Russian Federation (Rosneft, Gazprom, Novatek, etc.). The organization included 9 assembly plants, factories for the manufacture of metal structures, etc.

The initiator of the bankruptcy of VNZM was initially businessman Nikolai Mikhailov, who filed his lawsuit in December 2022. In August 2023, Top Alliance, a company registered in Novy Urengoy, managed to obtain recognition of the validity of its claim for a debt of 8.5 million. The court took the company under surveillance. Dmitry Pavlov, representing the Union of Arbitration Managers "National Center for Restructuring and Bankruptcy", was approved for the role of interim manager. But in May 2024, Pavlov was suspended from his duties.

Two large banks, which are major creditors of VNZM, filed a complaint with the arbitration. They asked to introduce interim measures, forbidding the creditors to hold a meeting. As indicated in the petition of the All-Russian Regional Development Bank, the credit institution accidentally found out about the plans of others to hold it on June 11, 2024.

Neither Gazprombank, to which the construction company owed 3.3 billion rubles, was invited to this event. Rospan International, whose financial requirements to the joint-stock company Vostokneftezavodmontazh amount to 2.4 billion rubles, was not among the invited.

The court agreed with the banks, establishing appropriate prohibitions. In total, according to experts, the company's debt obligations reached about 8.8 billion. At the same time, about 1.1 billion from the joint-stock company Vostokneftezavodmontazh is required by the Federal Tax Service. Another 3.5 billion is owed to contractors and suppliers. The company owes its staff about 340 million in unpaid salaries. More than 2.25 thousand workers have become victims of delayed payment.

According to data for 2023, VNZM received losses of 412 million with revenue of 90.9 million. Compared to 2022, the company's revenue decreased by 16 times, and the loss decreased by 4 times.

25.07.2024