Nationalized Zaporozhtransformator’s debts reach $300 million

21 December 2022, 04:50 PM
Nationalized Zaporozhtransformator’s debts reach $300 million (Photo:Zaporozhtransformator)

Nationalized Zaporozhtransformator’s debts reach $300 million (Photo:Zaporozhtransformator)

The debts of a major manufacturer of power transformers Zaporozhtransformator (ZTR) to creditors exceed UAH 11 billion ($299 million), reported on Dec. 21, with reference to a ruling by the Economic Court of Zaporizhzhya Oblast.

The enterprise was nationalized back in November after the court opened bankruptcy proceedings against ZTR in October 2019.

In early December, the Ministry of Defense of Ukraine, which is the actual manager of ZTR shares, was involved in the case. In total, the court decision includes 22 creditors to whom the company owes money. The largest creditors of the company are:

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  • Prominvestbank - UAH 6.1 billion ($166 million);
  • former Sberbank (IR Bank) - UAH 2.2 billion ($60 million);
  • ING Bank NV - UAH 741 million ($20 million);
  • Ukreximbank - UAH 459.6 million ($12.5 million);
  • Raiffeisen Bank Aval - UAH 435.7 million ($11.8 million);
  • ING Bank - UAH 214.2 million ($5.8 million);
  • Tascombank - UAH 213.9 million ($5.8 million).

A number of Cypriot companies also announced their claims:

Zadan Limited - UAH 182.5 million ($5 million);
Azidano Limited - UAH 182.5 million ($5 million);
Karatano Limited - UAH 182.5 million ($5 million);
Artamare Limited - UAH 146.9 million ($4 million);
Siador Enterprises Limited - UAH 26.1 million ($708,800).

The preliminary court hearing in the bankruptcy case of ZTR is scheduled for Feb. 28, 2023.

In early November, the strategically important enterprises Motor Sich, Ukrnafta, Ukrtatnafta, AvtoKrAZ and Zaporizhtransformator were taken over by the Ukrainian state.

These companies are associated with Ukrainian businessmen and oligarchs Ihor Kolomoisky, Kostyantyn Zhevaho, Kostyantyn Hryhoryshyn, and Vyacheslav Boguslaev.

The decision to nationalize the companies was based on the law and decree of the Supreme Commander-in-Chief, Ukrainian President Volodymyr Zelenskyy.

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