The Arbitration Court of the Kirov Oblast has discontinued the bankruptcy proceedings regarding Sosnovka Shipyard, which is a city-forming enterprise in Sosnovka. This became possible due to the shipyard’s debt management performed by RT-Capital LLC on behalf of Rostec. The state corporation allocated funds to pay off the shipyard’s debts to the creditors.
In October 2017, RT-Capital repurchased a debt of about 10 million rubles from Sberbank of Russia, which filed a lawsuit declaring the shipyard bankrupt in July last year. As a result, the proceedings were discontinued at the request of RT-Capital LLC in December 2017. The shipyard has satisfied the claims of other creditors, including the Federal Tax Service of Russia. As noted by Aleksandr Nazarov, Deputy General Director of Rostec State Corporation, this became possible due to the implementation of the first stages of the shipyard business recovery program by RT-Capital.
The shipyard is currently building two more pilots for Rosmorport. According to the tender, the shipyard will also build two measuring vessels for Rechvodput FPI. About 250 people are currently employed at the shipyard. An agreement of intent may also be consummated with Rosmorport in 2018 for the construction of four more vessels.
As previously reported, Rostec, represented by RT-Capital, is restructuring the credit debt of Sosnovka Shipyard 1.2 billion rubles worth. A corresponding agreement between RT-Capital, Novikombank, Rosmorport and the shipyard was signed in September 2017.