Creditors have demanded $270 million from Derways automobile plant

Creditors have demanded $270 million from Derways automobile plant


 

RBC.- The creditors of Derways automobile plant in Karachai-Cherkesk have demanded the return of 17.9 billion rubles (approximately $270 million) from the company. The relevant data is filed in the archives of the arbitration court of the republic.

The largest demand has been made by Geely-Motors, in the sum of over 9.1 billion rubles. Yevgeni Borisov had filed a lawsuit to declare the bankruptcy of Derways Automobile Company LLC in March 2019. The declaration was accepted for production in May 2019. Derways has been brought under an observation procedure of 4 months in mid-July. Vladimir Batuev has been appointed as the interim administrator. The results of the observation procedure will be evaluated at a meeting on 7 November this year.

Derways Automobile Company has been registered in Karachai-Cherkesk since 2002. The main form of operation of the enterprise is car production. The company is chaired by Hadji-Murat Derev, who has 44% of the authorised capital of the company. 5% of shares belongs to Alexander Romanov, on the other hand.

51% of Derways has been acquired by SBK Resource company from Moscow in August 2017, in the form of security assets. SBK is managed by Russian Sberbank. 2% shares have been transferred to Centrinvestproject, owned by the Federal Property Management Agency at the end of July 2019.

The revenue of Derways has exceeded 8.9 billion rubles in 2018, following an approximately 2 billion rubles year-on-year decline. In the meantime, the loss of the company has exceeded 522.5 million rubles last year, in contrast with the 60 million rubles profit made in 2017.

Derways automobile plant was amongst the top-ten enterprises with the largest revenues in the North Caucasian Federal District in 2018, occupying the third spot in the rankings.