Sovcombank bankrupts Svyaznoy. Is a peaceful solution possible?
The major Russian bank Sovcombank plans to initiate the bankruptcy of the Svyaznoy chain of stores. This intention of the credit institution follows from the publication of Sovcombank itself, posted on the Federal resource (in the Unified Register of Legally Relevant Information). Such notification is a necessary step in the bankruptcy process before filing a claim with an arbitration court.
The message was posted on the resource on the very first day after the expiration of the previously introduced moratorium on bankruptcy (valid until September 30). The authorities decided not to extend the moratorium, and it ended on 1 October.
The press service of Sovcombank confirmed to Interfax that Svyaznoy had a debt of two and a half billion rubles to the credit institution, in connection with which it is planned to go to court and start the bankruptcy of the debtor.
From the file cabinet of the Moscow Arbitration Court, it follows that several claims for large sums against the Svyaznoy company are currently being considered, two creditors are credit institutions. The amount of Sovcombank's claims is 2.5 billion rubles, and the second claimant, Alfa-Bank, is already demanding the recovery of a total of 6 billion. Both Sovcombank and Alfa-Bank cite as grounds for claims that Svyazny violated the fulfillment of obligations under loan agreements. Two lawsuits were filed by Alfa-Bank this summer, the co-defendant in them is the majority (main, large) shareholder of Svyaznoy, the Cypriot company DTSRetail Ltd. Among the owners of the network are also Euroset and a company registered in the British Virgin Islands.
Filing for bankruptcy does not mean completing the procedure. As part of the consideration of the case, it is possible to restore the solvency of the debtor, as well as the conclusion of a settlement agreement. The credit institution may withdraw the application if it reaches a certain agreement with the debtor. At the same time, in the course of bankruptcy, the debtor loses part of the authority to manage the business, an arbitration manager is appointed (depending on the procedure, the scope of restrictions for the debtor changes, increases).
Svyaznoy is a large retail chain with more than 2.5 thousand stores throughout Russia. Specializes in smartphones, computers, small and large household appliances. The company's website states that the network has about 15,000 sellers. Sovcombank is a private commercial bank.
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