Chromite mine in Alapayevsk goes bankrupt

27 August 2015 (13:20)

August 27, 2015. Sverdlovsk Region Arbitration Court pronounced Alapayevsk Chromite Mine insolvent.

The company was set up in Alapayevsk, Sverdlovsk Region, in 2013, to produce iron ore.

It was determined in the course of the court hearing that Chrome Resource, with 27,776,577 RUR in claims, was one of the company’s creditors.

The investigation of the debtor’s financial situation made it clear that the crisis had been brought about by poor management and performance, excessive spending, and lack of efforts to reduce costs.

Sverdlovsk Region Arbitration Court thus declared Alapayevsk Chromite Mine insolvent (bankrupt), stating that the company should undergo six-month bankruptcy proceedings. Elena Klochko of Ural Self-Regulatory Organization of Trustees in Bankruptcy was appointed the company’s trustee.

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