Nutritek's parent company declared bankrupt
MOSCOW, March 28 - RAPSI. The Moscow Commercial Court has declared Nutrinvestholding, the head company of Russia's leading baby food producer Nutritek, bankrupt.
Vladimir Kardzhaduzov, the company's bankruptcy administrator, said it would be impossible to restore the company's solvency. He also said Nutritek could not pay its debts.
The court earlier initiated bankruptcy proceedings in Nutrinvestholding for six months.
The company has been under the supervision procedure since October 2011.
Nutrinvestholding is now trying to restructure its debts.
Nutritek was established in 1990. It comprises five factories producing baby and customized foods - five in Russia, one in Ukraine and one in New Zealand.
Nutritek's founder Georgy Sazhinov currently holds a 40 percent stake in the company, Marshall Capital owns 35 percent, while the remaining 25 percent of its shares are circulated at the stock exchange.
Nutritek first defaulted on Eurobonds redemption in late 2008. In mid-2009, it defaulted in ruble bonds retirement. Eventually, its debt totaled about $200 million as of early 2010.