A court has rejected public joint-stock company Kremenchuk Steel Works (Poltava region) readjustment plan. The ruling was issued by the business court of Poltava region.
According to the ruling, the court also imposed a moratorium on the satisfaction of claims made by the plant’s creditors.
“The court refuses to approve the readjustment plan to the debtor approved at a general meeting of the creditors of Kremenchuk Steel Works before the bankruptcy case is opened,” reads the ruling.
The reason for the ruling was that information on creditors presented by Kremenchuk Steel Works and information received by the court from the register significantly differed, bringing the plant’s data into question.
After analyzing the readjustment plant the court also decided that the plan was mainly of a declarative nature.
However, the court said that the ruling did not hinder the repeated adoption of a new readjustment plan by the creditors.
At present, the plant is idle and is preparing to mothball equipment. The plant’s warehouses are loaded with products. There are currently no buyers, as previously over 90% of the products were exported to Russia.
Kremenchuk Steel Works was a leading enterprise in Ukraine in the production of freight cars and trucks. (https://en.interfax.com.ua/news/economic/248085.html/Ukrainian metal)
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