Sergei Bakeshin commented for Delovoy Petersburg on the bankruptcy of Metrostroy
The bankruptcy procedure of OJSC Metrostroy – until recently the only contractor of metro construction in St. Petersburg – has passed an active phase and may soon be completed. According to Alexey Kuznetsov, the bankruptcy trustee of Metrostroy, the main measures for the sale of the debtor’s property and collection of receivables will be completed in 2025. At the moment, about 75% of the principal debt register has not been repaid.
‘The bankruptcy of Metrostroy is a notable procedure for St. Petersburg. Firstly, it is the bankruptcy of a rather large company that owns a large amount of property. Secondly, this company was of great importance for the development of the transport infrastructure of St. Petersburg. Thirdly, several criminal cases have arisen around the bankruptcy of this company, including against its owners, arbitration managers and regional officials. The amount of losses that were sought to be recovered from Metrostroy’s former arbitration managers (RUB 2.8 bn) is also noteworthy, as well as the fact that the insolvency of the parent company led to the bankruptcy of a number of Metrostroy’s subsidiaries. It is difficult to assess the prospects for repayment of creditors’ claims. But, on the one hand, the amount of creditors’ claims is large but not prohibitive. On the other hand, the debtor has property, the proceeds from the sale of which may be used to satisfy the creditors’ claims. On the third hand, Metrostroy Severnaya Stolitsa, which has become the main creditor as a result of buying out the debtor’s claim, has taken over the personnel and activities of the debtor and is carrying out these activities using the debtor’s production assets. In other words, for the main creditor this whole procedure turned out to be profitable, if not profitable, at least profitable,’ Sergei Bakeshin, Counsel, Head of Dispute Resolution and Insolvency Practice at Maxima Legal, told the Delovoy Petersburg newspaper.
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