Foreign creditors Argentem Creek Partners (ACP) and Innovatus Capital Partners (Innovatus) have initiated a bankruptcy case against Olimpex Coupe International, a subsidiary of Serhiy Groza and Volodymyr Naumenko's GNT Group, which owns the grain port terminal Olimpex in Odesa.
This was the next step after the High Court of England ruled in January this year decision on freezing the assets of the owners of GNT Group and Olimpex Coupe International.
According to the publication Borg.Expert the decision to go to court with a bankruptcy claim is currently the only way for creditors to save assets from the erosion and opaque actions of former owners Serhiy Groza and Volodymyr Naumenko, who, without the knowledge of creditors, disposed of the property that was pledged - almost 400 tons of grain and sunflower seeds , worth about 000 million US dollars.
Commenting on the bankruptcy initiative, Ana Firmato, Managing Director of Innovatus, noted:
"We recognize the strategic importance of the exit of grain from the Odesa port for global food security. Innovatus remains committed to investing in Ukraine and supporting its economy. The bankruptcy procedure of this particular organization is a necessary legal step to restructure the group for its profitability, transparency, compliance with tax legislation and proper corporate governance."
John Patton, ACP regional top manager, added:
"Currently, an arbitration manager will be appointed, who will be tasked with ensuring that there are no disruptions in the operation of the terminal. This comprehensive reorganization is the best way to protect jobs and operational performance of the terminal, as it plays an important role in the Black Sea Grain Initiative. The success of the grain corridor is crucial for the people of Ukraine and international food security."
ACP and Innovatus companies assure that the operation of the grain corridor will not be affected due to the bankruptcy of the owner of the grain terminal Olimpex Coupe International.
We will remind that as part of the management GNT Group specified Oleksiy Pavlenko, who held the position Minister of Agrarian Policy and food in the second government of Arseniy Yatsenyuk (December 2, 2014 - April 14, 2016).
