Vnesheconombank continues making Ammoni bankrupt

The Arbitration Court of Tatarstan, has recognized the claim brought by Vnesheconombank (VEB) in the framework of the bankruptcy case against the Ammoni plant (the city of Mendeleevsk) in the amount of almost 96 billion rubles (almost $ 1.303 billion) as justified.

Since the creditor, the debtor, and the interim manager did not object to the merits of the claim and asked to consider the claim in their absence, the court examined the VEB’s claim without the parties’ appearance and fully satisfied it by including the amount of debt in the Ammoni creditors’ claims register.

The case file says that VEB entered into four loan agreements with Ammoni from 2011 to 2014, providing the plant with more than $ 1.8 billion under them. The borrower’s main debt as of November last year was more than $ 1.6 billion, including an overdue one of more than $ 363 million. Ammoni began having difficulties in servicing loans after 2016 due to the devaluation of the ruble and the dollar’s rise and falling world prices for products manufactured by the company.

The Tatarstan Arbitration Court, at VEB’s request, introduced observation, an initial bankruptcy procedure, in relation to Ammoni in November 2019. At that time, a debt of more than $ 15.7 billion was included in the Ammoni creditors’ claims register.