Supreme Court to hear Poltava Mining and Beneficiation Complex bankruptcy appeal, but does not suspend proceedings

Supreme Court to begin review of plant bankruptcy case

The Supreme Court of Ukraine has scheduled the hearing of the cassation appeal by the Poltava Mining and Beneficiation Complex for 4 November. The enterprise is part of the Ferrexpo group of companies, controlled by Kostiantyn Zhevago. The complex is challenging the decision to open bankruptcy proceedings against it.

At the same time, the court refused the applicant’s motion to suspend the effect of previous rulings during the cassation review. This means that the bankruptcy procedure is not suspended, despite the fact that the cassation instance is to consider the case.

Details of the 4.7 billion hryvnia debt case

The initiator of the bankruptcy procedure is Maksi Capital Group LLC. This company claims debt obligations against the complex totalling 4.7 billion hryvnia. Currently, there is no final decision by the Supreme Court on the cassation appeal.

The Poltava Regional Commercial Court has extended the asset management procedure for the Poltava Mining and Beneficiation Complex. The next hearing to consider this case has been postponed to 10 December.

Separate lawsuit for 157 billion hryvnia

Previously, Ferrexpo reported the existence of a separate lawsuit for the recovery of 157 billion hryvnia in favour of the state. These claims are related to probable illegal extraction and sale of subsoil resources. It is important to note that this is an independent court proceeding and is not identical to the current bankruptcy procedure of the complex.

Thus, the cassation review of the decision to open the bankruptcy case is still ahead, while the asset management procedure of the enterprise continues.