On July 8, the Economic Court of Dnipropetrovsk Oblast declared CJSC "AVK" bankrupt and opened a liquidation procedure due to the company's debts. Prior to that, the AVK company was one of the top three Ukrainian and top 100 global confectionery brands.
As stated in the resolution, the Court of Appeal found that "there is a fact of excess of the debtor's liabilities over his assets, the insufficiency of the debtor's property to satisfy the demands of creditors."
In addition, AVK has low self-sufficiency, which reduces the possibility of an insolvent enterprise using extrajudicial measures to restore solvency. And also — the negative result of the current solvency indicator.
"The court came to the conclusion that it is expedient to introduce the liquidation procedure and declare the debtor bankrupt," says the court's ruling.
AVK has a number of debts. Last year, the Supreme Court made changes to the register of claims of the company's creditors. Thus, AVK owes UAH 291,3 million to the All-Ukrainian Development Bank, UAH 356,7 million to Raiffeisen Bank, UAH 1,34 billion to Prominvestbank, and UAH 1,2 billion to Sberbank.
In addition, AVK has a number of loans issued as collateral: UAH 199,5 million to All-Ukrainian Development Bank, UAH 42,5 million to Raiffeisen Bank, UAH 48,93 million to Prominvestbank, and UAH 442,3 million to Sberbank.
Proceedings in the bankruptcy case of PJSC "AVK" (Maryupol) were opened in 2016. It is noted that Sberbank previously condemned confectionery factories in Transcarpathia and occupied Donetsk of the "AVK" group.
We remind you that the company AVK owns three factories - in Dnipro, Luhansk and Donetsk (the company lost control over the last two).
Until 2014, 70% of AVK's revenues came from the Russian market, where the group occupied 6% of the chocolate production market. After the introduction of the Russian embargo in the same year, this market was completely lost.
