The court extended until December 23 bankruptcy proceedings against the «Caspian sheet glass plant»

The Arbitration Court of the Republic of Dagestan has extended the bankruptcy proceedings against JSC Caspian Sheet Glass Plant until December 23, a spokesman for the court told Interfax.

Thus, the court granted the request of the bankruptcy trustee Vladimir Borisenko to extend the procedure due to the need to complete the measures provided for by the bankruptcy law.

The court appointed the consideration of his report for December 23.

As reported, in 2015, the Dagestan glass plant went to court with a petition for its own bankruptcy. In January 2016, external management was introduced at the enterprise, in February 2019 - bankruptcy proceedings.

The property of the bankrupt plant was put up for auction several times. So, in February of this year, the property of the enterprise was sold in three lots, including the first - the largest lot - included 58 objects pledged by VEB.RF in the village of Tyube (a land plot with an area of almost 50 hectares, workshops, warehouses, production buildings, production lines, including construction in progress), its starting price was 6.363 billion rubles. The auction for this lot was declared invalid due to the lack of bids. Bidding for the second and third lots took place.

In June and September, the next auction was declared invalid also due to the absence of bids. This time the property of the plant was exhibited in one lot. The starting sale price in both cases was 5.693 billion rubles. In September, the FAS Russia granted the petition of JSC Salavatsteklo to acquire ownership of 100% of the main production assets of KZLS.

VEB's Supervisory Board made a decision to finance a project to build a flat glass plant in Dagestan in September 2010. In 2015, the enterprise reached 100% production capacity - 600 tons of high-quality sheet polished glass per day under the Caspian Crystal Clear trademark.

In November 2016, KZLS was corporatized, VEB became the owner of 100% of the JSC as part of the settlement of problem debts. In fact, the bank's participation in the project at that time exceeded 15 billion rubles. VEB planned to normalize the plant's activities and then sell it to a strategic investor.

According to the SPARK-Interfax system, as of January 23, 2020, Cypriot Geodar Trading Ltd and Truck Provider Service Ltd each owned 50% of KZLS shares.

At the regular meeting of the plant's creditors on June 23 of this year, it was decided to involve legal structures to search for the owners' assets in Cyprus and "legalize in the competent authorities of the Republic of Cyprus the decisions of the Arbitration Court of the City of Moscow (...) To collect funds from Truck Provider Service Ltd and Geodar Trading Ltd in favor of Caspian Sheet Glass Plant JSC.

At the end of 2019, the company received a net loss under RAS in the amount of 1.023 billion rubles, which is 6.8% less than a year earlier, revenue decreased by 16.4%, to 3.009 billion rubles.

Salavatsteklo produces sheet glass, glass products and building materials. Bashkir businessman Radik Sultanov owns a 74.9% stake in a glass factory (through RIA Company LLC).

Source: https://www.interfax-russia.ru/