Court sustained claim by "Electric Networks of Armenia" declaring Nairit plant bankrupt

ArmInfo. Court of General Jurisdiction of Shengavit Administrative District of Yerevan sustained the claim by "Electric Networks of Armenia CJSC" of declaring Nairit plant as bankrupt.

The court studied all the details of the case and decided to sustain the claim as it is based on written contract and the debtor does not prove that he has reasonable grounds against the claim. To note Electric Networks of Armenia CJSC applied to the court on April 7, 2015 demanding to declare Nairit plant bankrupt as its debt to ENA totaled 1.2 bln drams.

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.