Tuesday, February 21 2017 12:56
Naira Badalian

New shareholder of Ashtarak Kat repays nearly 65% of company`s debts

New shareholder of Ashtarak Kat repays nearly 65% of company`s debts

ArmInfo. Armenian Minister of Economic Development and Investments Suren Karayan met with Ara Asatryan, entrepreneur from the United States, who has recently purchased Ashtarak Kat dairy company and is carrying out a project on the company's financial recovery.  

The press office of the Economy Ministry has told ArmInfo that Karayan expressed willingness to contribute to settlement of the arising problems and to implementation of the financial recovery project. "It is necessary to continue the production, because it provides over 300 people with jobs and ensures the natural activity of many farm enterprises," Karayan said.

The guests presented the problems related to the company's bankruptcy procedure. Karayan suggested holding a trilateral meeting involving bankruptcy manager, representatives of the investor and the ministry in order to find the optimal ways to settle the problems.

The investor's representatives said that over the past three months nearly 65% of the company's debt has been repaid. To modernize the production process, equipment worth 50 mln AMD has been purchased.  The American entrepreneur said that the major part of the equipment needs to be modernized and he is ready to invest more.   

To recall, Ashtarak Kat, one of the leaders on the dairy market of Armenia, was declared bankrupt in 2016.  The enterprise owed not only to its employees but also to the farmers, from whom it bought milk.  In December 2016, following relevant talks with US-based Agra-Remara, Deputy Minister of Economic Development and Investments of Armenia Tigran Khachatryan said that Ashtarak Kat CJSC will keep functioning with a new owner. Agra-Remara representative Artak Avagyan said that the total debt of the company was nearly 180 mln AMD.

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