Bankruptcy proceedings filed against company in Samara (316 words)

Published: 3/15/2001

A corporate vehicle, OAO Aviakor, of Samara-based producer, ZAO Aviakor, has had bankruptcy proceedings filed against it in the arbitration court of the Samara region in early March, for debts amounting to Rb850,000. Having heard ZAO Investment Company Dialog's suit, the court has appointed Yury Deyev, as temporary manager. ZAO Investment Company Dialog, while declaring its independence from Aviakor's owners, Siberian Aluminium (SA), is reported to be associated with the industrial holding company. It acquired the debt it is filing, from Aviakor affiliate, Aviakor Realtor and Volgotransstroy. The company currently in bankruptcy proceedings, OAO Aviakor, although related to the production company, ZAO Aviakor-Aviation Plant, is a different entity, which was created as a private company after the takeover of Aviakor by Siberian Aluminium in 1999. The assets were then transferred to the production company, leaving OAO Aviakor as a debt carrying shell. According to SA however, OAO Aviakor still retains considerable assets and is capable of repaying the debts This is the second attempt to bankrupt OAO Aviakor. According to a company source, the protection of the bankruptcy proceedings takes some of the pressure off the company from pursuit by its numerous creditors. There is the view that the entity may, this time, be wound up. It is unclear however, how free the ZAO assets are of claims against OAO. Despite the apparently SA orchestrated action, Valery Fomichev, responsible for the Aviakor restructuring, denies that Dialog is anything other than an independent entity. He says that the two months of protection offered by the temporary management will allow thought on the future of the company. The fact that Dialog is based at the same address as Samara Metallurgical Plant (SMP) has caused further speculation, given the local company's record of transferring assets to create debt-free companies, but leaving creditors unable to find payment.

Article ID: 2423