Court introduced initial bankruptcy proceedings against Svyaznoy – Kommersant
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The Moscow Arbitration Court introduced a monitoring procedure for the Svyaznoy electronics store chain, the initial stage of the bankruptcy procedure, reports Interfax. The retailer, whose debts exceed 15 billion rubles, initiated own bankruptcy in February.
Supervision is a bankruptcy procedure applied to the debtor in order to ensure the safety of the debtor’s property, analyze the financial condition of the debtor, draw up a register of creditors’ claims and hold the first meeting of creditors. At this stage, there is still the possibility of debt restructuring.
The court appointed Anton Sychev as interim manager. According to the court decision, Mr. Sychev will have to submit a report on the financial condition of Svyaznoy on December 5th. Representatives of the company during the meeting asked to limit the payments of the retailer in favor of individual creditors as interim measures. This petition will be considered by the court at a separate hearing.
Among the creditors owed by Svyaznoy are Alfa-Bank, Sovcombank, electronics distributor Merlion, VimpelCom, Lorus Avtotrans and Citilink. Alfa-Bank, Lorus Avtotrans and a number of individual entrepreneurs also filed a bankruptcy petition for Svyaznoy.
On March 16, the president changed in the company – Alexei Vukolov, who had worked in this position for less than a year, was replaced by Andrey Taraburin, a former member of the board of directors of Svyaznoy Bank JSC. Dagmara Ivanova, who previously worked at Svyaznoy, has been appointed Executive Director of the network. Experts doubt that the change of leadership will help the company get out of the crisis: it has long been difficult for it to compete with other networks in terms of assortment, and in the current situation, device manufacturers are unlikely to want to work on exclusive terms.
More details – in the publication “Kommersant” “Svyaznoy has changed management”.
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