The Deposit Guarantee Fund has announced a new auction to sell the rights of claim under two Prominvestbank loan agreements concluded in 2011 and 2013, secured by production assets and other collateral and surety related to the mining business of Andrey Brodsky’s Velta Group of Companies.
The auction is scheduled for March 2. They will start at approximately UAH 8.95 billion under the “Dutch auction” rules – the price will decrease by 1% per increment during the trading session and can drop by as much as 90% (meaning the lot can be purchased for 10%, or UAH 895 million).
To participate in the auction, potential buyers must meet the qualification requirements and make a security deposit of UAH 89.5 million.
The auction on March 2 will be the Deposit Guarantee Fund’s fourth attempt to sell Velta’s debt. Previous attempts failed due to a lack of registered bidders.
As of 2022, Velta LLC controlled two titanium ore deposits: Birzulivske (an enrichment plant operates on its site) and Likarevske (no mining is carried out). (Nadra)