Dmitry Uryakin commented to Novy Prospect on the creditors’ attempt to conclude an amicable agreement with Udarnik poultry farm

The creditors of the Udarnik poultry farm have started negotiating an amicable settlement agreement, according to which they want to extend debt repayment for 14 years. The amount of debt included in the creditors’ register is RUB 2.75 bn (RUB 664.7 mn is secured by collateral). They plan to use funds from the company’s business activities and from the sale of “excess” property that is pledged. It was suggested by Denis Kucherov, the bankruptcy manager of the company, to conclude an amicable settlement agreement. According to him, this is the only way to preserve the property of the company and give it the opportunity to work. At the moment the decision on the amicable agreement has not been made, as the votes were equally divided. The main collateral creditor of the enterprise – “DOM.RF” was against it, but some creditors supported the proposal of the bankruptcy manager.

“Not only the bankruptcy manager, but also the creditors may be interested in signing such an agreement. They can raise the issue of approving an amicable settlement agreement as many times as they like,” Dmitry Uryakin, Senior Associate and Head of the General Business practice at Maxima Legal, explained to the Novy Prospect online edition.

To read the full article (in Russian) please visit Novy Prospect website >>>