Vuhillia Ukrainy applies for bankruptcy

18:48, 11.06.2015 1 min read

State-run Vuhillia Ukrainy (Coal of Ukraine) has applied to Kyiv's commercial court asking for it to be recognized as bankrupt.

The company's application was accepted by the court on June 3, 2015 for further consideration, according to an announcement published in the national register of court decisions.

Preliminary court hearings are scheduled for June 16.

As reported, Vuhillia Ukrainy's core business is purchasing coal from state-run coalmines and selling it to power generation companies.

The company's liquidation is foreseen in the coalition agreement, which was signed by the leaders of all five major factions in the parliament in November 2014.

Rinat Akhmetov's privately owned DTEK refuses to work with this state-run enterprise.