18:12 03.11.2017

After Interpipe decision to liquidate Nikopol pipe plant, court makes similar ruling

2 min read

The Economic Court of Dnipropetrovsk region has decided to liquidate PJSC Nikopol Pipe Plant (Dnipropetrovsk region) during the year.

According to the company's official information, the court made the relevant decision on November 2 this year.

The term of the liquidation procedure is 12 months.

In addition, it is reported that the value of the company's net assets is "minus" UAH 147.639 million, the size of net worth is "minus" UAH 144.633 million.

According to the interim liquidation balance sheet compiled as of August 30, 2017, its creditor indebtedness is UAH 179.854 million, total assets are UAH 4.5 million.

"The assets of PJSC Nikopol Pipe Plant are not sufficient for payments on liabilities, therefore after the creditors' claims are satisfied, there won't be any amount that can be distributed among the shareholders," the report reads.

As reported, the shareholders at a general meeting on May 19, 2017 decided to liquidate the company. The issue of termination of the company's activities through liquidation and appointing a liquidation commission was put on the agenda by a shareholder holding more than 5% of the shares in the plant.

Prior to restructuring, Nikopol Pipe Plant was a monopoly enterprise in Ukraine producing geological survey, pumping and compressor and rolled pipes for high pressure boilers.