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Raiders came for the milk

MilkiLand
  • Cases, Newsroom
  • February 20, 2020
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Milkiland will pay off the debt of Kursk-Moloko in order to prevent bankruptcy proceedings. The main subdivision of the bankrupt enterprise LLC Kursk-Moloko – LLC Milkiland Ru (part of the Milkiland group) – applied to the Arbitration Court of the Kursk Region with the intention to pay off all debts of the factoryin order to stop the bankruptcy proceedings. Bank Vozrozhdenie initiated the bankruptcy procedure.

However, all efforts of the Milkland group may go to waste due to the reluctance of lenders to make concessions and may stop the sale of property.

The journalists were told about this in the group itself. They said that the fate of three hundred families – employees of the factory – depends on the decision of the regional arbitration judge. The families may be left without work and without money.

Bankruptcy occurs despite the fact that the enterprise has been operating profitably for two years … Revenue for 2019 amounted to 1.65 billion rubles, net profit – 33.8 million rubles, last year 17.5 million rubles were transferred to the budget of taxes “. The development of the bankruptcy case of the Kursk asset in Milkiland was compared to a “raider seizure of factory management.”

The arbitration recognized Bank Vozrozhdenie (part of the VTB Group) as the only creditor. The fact is that the bank was recognized as a creditor for the obligations of another asset of the Ostankino Dairy Plant group – the second enterprise included in Milkiland.

“Ostankinskaya dairymen” a year earlier already repaid the bank 154 million out of almost 250 million and on the guarantee agreement for “Kursk-Molok”. The company also plans to independently deal with the debt issue.

Vozrozhdenie filed for bankruptcy of Kursk-Milk last spring. The company said then that they were not going to pay off debts for third parties until their bankruptcy procedure was completed. We are talking about OMK.

Kuryans hoped that the failure itself would be written off in the course of the OMK bankruptcy.

The observation procedure was later introduced on the Kursk-Moloko. Even this measure left hope for the continued functioning of the factory.

The point of no return was the transfer of the debt to Nevskie Syry LLC, a part of the Neva Milk Group of Companies by Albert Sufiyarov. The lenders of Kursk-Moloko petitioned for the introduction of external management there.

This application has not yet been reviewed.

Throughout the autumn and winter of 1919, Kursk-Moloko tried to negotiate with Vozrozhdenie through VTB with a proposal to go to peace and repay the balance of OMK’s debt within a year.

However, VTB instead sold the claims to Nevskie Syry. Kursk-Moloko now cannot even actually repay the debt for OMK, since it is not a creditor under the new agreement.

Bank Vozrozhdenie refuses to comment on the current situation. Neva Milk also refuses to comment.

However, Milkiland’s readiness to pay off debts does not mean the end of bankruptcy. Still, the main decision will not even be with the court, but with the creditors. If they agree to an amicable agreement, even the court will not be able to prevent this.

Now there are 3 possible scenarios for the development of events – a one-time repayment of the debt and the exit of the enterprise from bankruptcy by agreement with the creditor; amicable agreement and exit from bankruptcy or rejection of the amicable agreement by the creditor and commencement of bankruptcy proceedings. “

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Our aim is to end the practice of individuals and organizations using dirty tricks and force to seize companies without compensation in Russia.

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