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Ministry denied removal of Siberian pulp and paper mill's administrator

13:32 16/11/2011

IRKUTSK, November 16 - RAPSI. A commercial court dismissed on Tuesday the application by the Industry and Trade Ministry and four other creditors of a pulp and paper mill to remove its administrator Alexander Ivanov, the court told RIA Novosti.

The application was filed by the ministry, Troitsk Paper Mill, Bravelink Limited, the Saber Mountain ski resort and Soyuz bank.

Earlier the ministry and the same creditors (except for the ski resort) challenged Ivanov's actions and wanted the quashing of his administration plan, which was approved in early 2010.

The plan provided in part that the mill should generate 2.6 billion rubles ($84 million) within two years and increase its bleached and unbleached pulp production.

The Irkutsk Region Commercial Court held against both lawsuits.

In 2010, the court put the Baikal Pulp and Paper Mill into administration until June 22, 2012. Ivanov was appointed its administrator.

As of late 2010 the mill's liabilities amounted to 1.7 billion rubles ($55.1 million) while its assets' market value was appraised as 1.6 billion rubles ($52 million). Alfa-Bank is its main creditor.

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Ministry denied removal of Siberian pulp and paper mill's administrator

13:32 16/11/2011 A commercial court dismissed on Tuesday the application by the Industry and Trade Ministry and four other creditors of a pulp and paper mill to remove its administrator Alexander Ivanov.
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