Former employees of Nairit plant require suspending the court decision on bankruptcy

ArmInfo. Former employees of Armenian chemical giant - Nairit Plant - on December 7 gathered at the National Assembly building to be heard by the authorities.  According to the statements of nairit former employees, they require the Court Decision in respect to Nairit Bankruptcy to be suspended.

According to the previous information, today at the Parliamentary session lawmaker Ishkhan Khachatryan, should raise the issue of Nairit.

To note, on Dec 5, former employees of Yerevan's Nairit plant applied  to the owner of Electric Networks of Armenia Samvel Karapetyan with  an open letter to suspend the bankruptcy procedure until 20 Jan 2017, which is the deadline for submission of applications aimed at  attracting investors. As the letter reads, yet on Aril 7, 2015, ENA  submitted an application to the court with a purpose to get paid for  the electric power consumed 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 1bln 235 mln 3 thsd 232 (over USD  2.6 mln) payment due to its obligations. 

It was previously reported that EU-ASIA Business Finance Centre   (Slovakia) is ready to invest up to 20 mln USD and up to 150 mln EUR  in Nairit Plant. On November 14, considering the decision of the  Nairit Plant CJSC shareholder meeting, the Ministry of Energy  Infrastructures and Natural Resources announced a tender for  attracting private investors. The Ministry invites interested parties  to submit an application (letter), in which the program on the plant  re-launch will be presented. The deadline for submitting applications  is January 20, 2017.

To remind,   Nairit Plant has been idle since April 2010. At the moment the debts  of Nairit Plant amount to 50 billion AMD (about 130 million USD). 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%.