Court begins liquidation of major Mriya shareholder

11:08, 31.12.2014 1 min read

The Eastern Caribbean Supreme Court on December 15 began the liquidation of the majority shareholder of Mriya agricultural company, HF Assets Management Limited.

According to a company report in the Holos Ukrainy newspaper, Russell Crumpler has been appointed as liquidator. A creditors' meeting is scheduled for January 5, 2015.

As reported, Erste Group Bank AG appealed to the High Court of Justice of the British Virgin Islands to declare HF Assets Management Limited bankrupt.

Negotiations between Mriya’s management and its creditors were held on December 16. The agricultural holding said that during the meeting with bond holders and creditors' representatives, no constructive position was agreed on their part regarding debt restructuring.

Mriya’s leaders, in turn, demanded the appointment of a manager for the company's debt restructuring process of their choosing. According to their information, shareholders rejected the agreed version of the restructuring process, significantly increasing the likelihood of the company going bankrupt.