Russian Magnesium Undergoes Bankruptcy Proceedings

January 16, 2013. Sverdlovsk Region Arbitration Court ruled that Russian Magnesium should undergo bankruptcy proceedings. The court’s statement of reasons is to be published within five working days, the Russian Agency for Legal & Court Information (RAPSI) refers to a court representative as saying.

Russian Magnesium filed for bankruptcy on September 5, 2012. The company owed its creditors 70.14m RUR as of August 30, 2012. The enterprise’s key stockholder, the Switzerland-based Minmet Financing Company S.A., stopped financing the project altogether in November 2011, and no other investors were found.

The company’s shares now belong to Solimag (50% plus 2 shares), Minmet Financing Company S.A. (2 shares), Uralasbest (25% minus 8 shares), and Sverdlovsk Region Government (25% plus 4 shares).


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