Last non-privatized combine reports full recovery

February 21, 2007 16:37

Court of Arbitration of Arkhangelsk region has considered the issue of discontinuance of receivership procedure at OAO Arkhangelsk Trawl Fleet (plc) and decided to clear the company of bankruptcy proceedings. Thus, ATF 100%-owned by the state (namely, by the Federal Agency for Federal Estate Administration (Rosimuschestvo)) has become the first Russian fishing company which has succeeded to recover financially.

The receivership procedure at ATF was initiated in 2004 and continued for more than 3 years. After all the requirements of all the receiver creditors and authorized bodies have been satisfied, the company's receiver prepared "Conclusion on completion of financial recovery procedure" which has given grounds for the court to stop the receivership procedure.

The procedure of financial recovery stipulated by the Federal Law "About Insolvency (Bankruptcy)" has been practiced by Russian companies extremely rarely and its successful completion is even more unique. Normally, the procedure of financial recovery is followed by heavier stages of bankruptcy most often resulting into liquidation of the company.

The hearings of the ATF bankruptcy case, in which the Egorov, Puginsky, Afanasjev & partners Attorneys' Bureau has acted for the company and the state as its owner, have become unprecedented for the Russian legal practice.

According to some sources, ATF shares may probably be put up for sale to private investors later this year.

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