Sergei Bakeshin commented for Novy Prospect on the threat to bankrupt Severnaya Verf against the background of restructuring of the USC

Severnaya Verf Shipyard owes Dorstroysnab-Terminal LLC for diesel fuel. Hoping to accelerate payments, the supplier filed a bankruptcy petition against the shipyard. The events are unfolding against the background of restructuring of the United Shipbuilding Corporation (USC), which includes Severnaya Verf shipyard.

Sergei Bakeshin, Counsel, Head of Dispute Resolution & Insolvency Practice at Maxima Legal, told Novy Prospect that “the filing of a bankruptcy petition does not yet indicate a deterioration in the company’s payment discipline. But more than 100 lawsuits have been filed against Severnaya Verf Shipyard this year alone, and this can already be considered a symptom of the problem”.

The expert also noted that, judging by media reports, the transfer of the USC under VTB management was done, among other things, to solve settlement issues and to improve the financial situation of the corporation as a whole. “However, in the period of reforming the management system, the situation with non-payments may even worsen, for example, if the new management will scrutinise the validity of expenditures”, Sergei Bakeshin added.

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