Nairit employees applied to ENA owner Samvel Karapetyan with an open letter

ArmInfo. Former Employees of Yerevan Nairit plant applied to the owner of Electric Networks of Armenia  Samvel Karapetyan with an open letter.  As the letter reads, yet on Aril 7, 2015 ENA submitted an application to the court with a purpose to get paid the electric power used by the plant and to raise a bankruptcy procedure. The common jurisdiction court of the Shengavit  community passed the  ENA claim and raised a bankruptcy recognition process in respect to Nairit.  According to the decision taken on November 28 Nairit did not implement the AMD 1 mlrd 235 mln 3 thsnd 222 ( over USD 2,6 mln) payment due to its obligations.

"This decision was very unexpected and painful for Nairit employees," the letter reads. Former employees remind that recently the Ministry of Energy Infrastructures and Natural Resources of Armenia announced a tender on private investments to restart the production facilities of Nairit Plant JSC. It was stated that the tender is open for bids until January 20, 2017

According to the authors of the letter, during recent months a number of investors expressed a willingness to invest in Nairit, but the decision on bankruptcy will zero out all the efforts. "ith this, a month earlier to the deadline of submission of bids a decision is taken which may cut  any probability of rehabilitation of the plant," Nairit employees state.

The petition authors remind that Samvel Karapetyan's  charitable activities is well known. Noting the capability of the ENA owner, they ask to suspend the decision of the court in respect to Nairit bankruptcy until January 20, 2017. "The tender announced and the reload of the plant could become a reality only in the case of the decision being suspended," employees of  Nairit state.

To note, Nairit Plant has been idle since April 2010. The Plant's shares were given as security against the CIS InterStateBank's 70 mln USD loan provided in 2006 for 5 years - till late Dec 2011 - at 12.5% p.a. In 2006, 90% of Nairit Plant's shares were sold to Rhinoville Property Limited (UK). The latter owns an 89,999% stake in the plant, Armenian Ministry of Energy and Natural Resources - 4,496%, Gazprom Armenia CJSC (previously ArmRusgasprom) - 3,596%, and Yerevan Thermal Power Plant - 1,907%. It was previously reported that EU-ASIA Business Finance Centre  (Slovakia) is ready to invest up to 150 mln EUR in Nairit Plant. Besides, on November 14 considering the decision of the Nairit Plant CJSC shareholder meeting the Ministry of Energy Infrastructures and Natural Resources has announced a tender for attracting private investors.