‘Expo-Plaza’ company is driving ‘Bashkortostan’ exhibition complex to bankruptcy

On December 21, the real estate managing company applied to the Republican Arbitration Court with a bankruptcy claim.  The defendant in the case is an organization located in Ufa, which organizes exhibitions and conferences.  The lawsuit itself was accepted by the court for consideration on December 30, and a hearing in the case is scheduled for February 2.

The case of litigation between organizations has already been considered by the arbitration court since the middle of last year.  Expo-Plaza then demanded that the court levy execution on the shares of the combined closed mutual fund GK-1, owned by the exhibition complex and pledged to the Expo-Plaza company.

The court of first instance and the court of appeal satisfied the plaintiff's claim.

Expo Plaza, in turn, owes 269,102,689.45 rubles to the Tsentralny shopping mall.  The corresponding claim (case No. A07-34205/2021) is also being considered in the arbitration court of the republic.  The basis for it were lease obligations.  Tsentralny is currently in the course of bankruptcy proceedings, so the initiator of the lawsuit in court was the bankruptcy trustee.  The trial is scheduled for February 2.

The exhibition complex (JSC) has existed in Ufa since May 2003.  The main owner of the company is the administration of a capital of Bashkiria.  It owns 51% of the company's shares.  Another 49% of the shares are owned by Uralsotsservice.  According to official reporting, the company ended 2020 with a loss of 3.42 million rubles, having received 12.33 million rubles in revenue.

The total value of the company's assets is estimated at 210.3 million rubles.

Expo Plaza LLC also ended 2020 with a loss of 37.35 million rubles, having received 589.2 million rubles in revenue.  The firm was founded in the summer of 2013.  The company's net assets are estimated by experts at 167.2 million rubles.