11:35 29.06.2016

Court prolongs rehabilitation procedure for Sumykhimprom until end of 2016

1 min read
Court prolongs rehabilitation procedure for Sumykhimprom until end of 2016

The business court in Sumy region on June 22 prolonged the rehabilitation procedure for public joint-stock company Sumykhimprom for six months and obliged Ukraine's State Property Fund (SPF) to consider the plant's draft rehabilitation plan approved at a meeting of creditors held in 2014, the press service of Ilyashev & Partners law firm has reported.

"Consideration of the draft rehabilitation plan by the State Property Fund is a prerequisite before its approval by the court," said Roman Marchenko, the asset manager of Sumykhimprom and Senior Partner at Ilyashev & Partners.

The rehabilitation plan of Sumykhimprom provides for the continuation of the enterprise as an integral property complex, saving jobs, continued payment of taxes and fees and increasing production. However, the document does not envisage participation of an external investor, and the enterprise will remain in state ownership.

SPF Head Ihor Bilous several times said that Sumykhimprom will be put up for sale in 2016. The fund held a tender to select the appraiser of the company's shares. The privatization tender could be announced in November 2016.

Sumykhimprom produces about many kinds of chemical products, the main of which are complex chemical fertilizers and titanium dioxide.

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