Energomash might undergo bankruptcy proceedings

Sberbank of Russia placed a petition with Belgorod Region Arbitration Court, asking to stop the bankruptcy proceedings which ZAO Energomash (part of Energomash Group) is undergoing at the moment. Instead, the bank wants the company to get a new, external manager/trustee in bankruptcy, Russia’s Legal & Court Information Agency (RAPSI) reports.

Now Belgorod Region Arbitration Court ruled on January 19, 2010 that Belgorod-based ZAO Energomash was to undergo bankruptcy proceedings. The bankruptcy application was actually placed with the court by Bank VTB. On May 24, 2010 Energomash was declared bankrupt and had to go ahead with the proceedings.

The company’s major creditor is actually Sberbank of Russia; Energomash owes the bank over 14 billion RUR at the moment.

Energomash Group is a power-related machinery manufacturer; its machine-building plants in Belgorod, Barnaul, Engels, and Yekaterinburg are now controlled by OAO Energomashkorporatsiya.


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