The court began the bankruptcy of Svyaznoy at his own request

A court in Moscow introduced a monitoring procedure against the Svyaznoy retailer, announced in the Arbitration Court of the capital, writes “RIA News”. Consideration of the bankruptcy case on the merits was scheduled by the court for December 5.

Supervision is the first stage of the bankruptcy procedure. It is applied to the debtor in order to ensure the safety of his property, analyze his financial condition, etc. On February 14, Svyaznoy published a message about its intention to initiate bankruptcy proceedings.

The beginning of the procedure is associated with large debts of the company. According to a Vedomosti source close to one of the Russian distributors, with a turnover in 2021 of 105 billion rubles. accounts payable (debts to suppliers) amounted to almost half of this amount (about 54 billion rubles).

In 2022, Svyaznoy also faced dozens of major lawsuits from creditors and counterparties. In particular, Alfa Bank filed several lawsuits at once against Svyaznoy and its shareholder, the Cypriot DTSRetail, for 6 billion rubles. (in the fall of 2022, the parties agreed to conclude a settlement agreement, however, the bank representative spoke not about a one-time repayment, but about the installment plan of obligations). In December 2022VimpelCom” also sued the network for 838 million rubles.

MegaFon CEO Khachatur Pombukhchan said in December last year that the operator plans to sell its stake in Svyaznoy. He did not disclose the buyer of the share, as well as the amount of the transaction, and among the reasons for exiting the retailer’s capital, the top manager indicated that Svyaznoy has nothing to do with the telecommunications market, but focusing on this company “takes time, the efforts of the team and is useless “.