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Crushed stone producer appeals bankruptcy application dismissal

16:49 24/10/2011

MOSCOW, October 24 - RAPSI, Natalia Belova. A company of the Pavlovsk-Granit Group has appealed the dismissal of its bankruptcy application, a court official told the Russian Legal Information agency (RAPSI).

The appeal hearing date has yet to be scheduled.

The Pavlovskgranit-Invest crushed stone producer applied for own bankruptcy in June to the Moscow Commercial Court. However, the court dismissed the application and denied the company's supervision on October 4, as the court stated that the debtor did not meet the insolvency standards stipulated by bankruptcy law.

The debtor's assets are valued at 6.101 billion rubles ($195 million) while its financial liabilities amount to 5.238 billion rubles ($167 million). The debtor has failed to provide explanations or proof why its debt was stated in the amount of 7.358 billion rubles ($234.8 million), the court ruling reads.

The company told the court that the application is based on the fact that it owes 7 billion rubles to creditors, of which amount 4.365 billion rubles is debt under a Sberbank loan now payable to its subsidiary that took over the claims. The rest is liabilities to other creditors.

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Crushed stone producer appeals bankruptcy application dismissal

16:49 24/10/2011 A company of the Pavlovsk-Granit Group has appealed the dismissal of its bankruptcy application.
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