Wednesday, February 15 2017 12:38

ArmInfo. Shengavit common   jurisdiction court yesterday  held the first session  on  Nairit  bankruptcy case. During the session a Board  was elected , which will  work with the bankruptcy manager. "The stock equipment is being  disassembled  at  Nairi plant. After the disassembling it will be  impossible to involve investors," the Ex Director of the Plant Karen  Israelyan stated at the meeting. 

The former head of the plant reminded once again that either the  staff of the plant and Slovakian Holding of EU-ASIA Business Finance  Centre. But until now the Government has not responded any proposals  in respect to the plant. At the same time, as Israelyan says, even  after alienation of the property the Lenders will not be satisfied.  Within the condition of fair alienation of the Plant, it will be  possible to earn USD 40- 50 mln, while the liability amount forms  around USD 100 mln," he stated. 

Meanwhile, according to  bankruptcy manager Karen Asatryan's  statement made at the meeting, in common the plant has monetary  liabilities to 292  entities. The largest lenders are th Ministry of  Finance of Armenia ( about  AMD 11 bln),State Revenues Committee (  AmD 10 bln), Yerevan TPP, Gazprom Armenia (about AMD 23 bln), and  Nairit-2 ( AMD 6 bln), which comprised the Lenders Board.  According  to Asatryan, the property inventory commission is  capsulated  already. He reminded also that the rehabilitation project term was  restricted by law.

After the meeting Karen Israelyan said:"It is clear that Nairit is  being lead to liquidation and alienation of the property. And there  will be no investors after that." 

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%.