On August 5, the Central Commercial Court of Appeals opened an appeal proceeding on the appeal of Ukreximbank against the decision of the Commercial Court of Zaporizhzhya Region dated 17.07.2019 (case No. 908/2500/18), which approved the amicable settlement agreement between Zaporizhzhia Automobile Building Plant CJSC (ZAZ) and its creditors and closed the bankruptcy proceedings of ZAZ.
The resolution of the Commercial Court of Zaporizhzhia region of 17.07.2019 is confidential. At the same time, the materials of the Central Administrative Court of Appeal mention that the court of first instance decided that "the claims of competitive creditors, not declared within the period established by law or rejected by the commercial court, are considered to be repaid, and the executive documents on the relevant requirements are recognized as unenforceable" (quote).
It is worth mentioning that the proceedings on the bankruptcy of Zaporizhia Automobile Building Plant No. 908/2500/18 were opened by the court ruling dated 04.12.2018.
The 6-month rehabilitation procedure was established by the court on 11.04.2019. The debtor`s rehabilitation plan was approved by the creditors` committee on 28.03.2019.
On July 1, at the request of the special administrator of Zaporizhia Automobile Building Plant, the court amended the register of the debtor`s creditors` claims with regard to the secured claims of Ukreximbank in the amount of UAH 770.15 million by reducing them by UAH 139.7 million to UAH 630.5 million (such as those that are not secured by the pledge of the debtor`s property) and changed the order of their satisfaction, transferring these claims from the secured claims to the fourth order.
This decision was made by the court, taking into account the fact that on 20.06.2019 the state bank has received funds obtained from the sale of the debtor`s property, which was the subject of collateral under the mortgage agreement and pledge agreements.
According to court materials, the respective auction took place on 19.06.2019, there were two participants, and the winner (with a proposal of UAH 168.1 million, including VAT) was ZAZ Industries LLC, the final beneficiary of which is Tariel Vasadze, who also controls Zaporizhia Automobile Building Plant.
We would like to add that Crystalbank (among its shareholders is Maryna Leninh, the wife of the acting Minister of Economics and the former deputy of the Minister of Finance, Vadym Kopylov) at the National Securities and Stock Market Commission information disclosure system reported that on 12.06.2019 its Supervisory Board made a decision to grant its consent to a major transaction and to enter into agreements with Zaporizhzhia Automobile Plant for the purchase and sale of property, namely, non-residential real estate with a total area of 142.2 thousand square meters, equipment and devices at a total purchase price not exceeding UAH 167.7 million.
The thing was about assets at the addresses Zaporizhzhia, 8 Soborny Avenue (Lenina Avenue); Zaporizhzhia, 5 Chubanova Street; Zaporizhzhia region, Melitopol town, 36 А. Nevskyi Street; Melitopol town, Kakhovsk highway, 17.
UkrAVTO Corporation owned by Tariel Vasadze, which includes the debtor company, stated that Prominvestbank had written off its debt for UAH 1.4 billion.
As Finbalance wrote, OTP Bank has assigned the right of claim to Zaporizhzhia Automobile Building Plant PJSC in the amount of UAH 357 million to Finance Company Universal LLC for UAH 117.5 million.
In 2017, the abovementioned Financial Company Universum LLC repurchased a billion-debt of ZAZ to Delta Bank of UAH 244 million from Deposit Guaranty Fund. Although there was a certain connection with the debtor in the buying company, UkrAVTO Corporation then objected to the connection with the new creditor.
On January 21, 2019 the Commercial Court of the Zaporizhzhia Region within the framework of the bankruptcy case of Zaporizhia Automobile Building Plant PJSC approved the register of creditors` claims and recognized such structures as bankruptcy creditors:
- Financial Company University Finance LLC- UAH 2.47 billion (4th turn);
- Ukrainian Automobile Corporation CJSC - UAH 369.4 mln (4th turn);
- Falcon-Auto LLC - UAH 36.8 mln (4th turn);
- AvtoKapital CJSC - UAH 21.8 mln (4th turn);
- Financial Company Amber LLC- 369.4 million UAH (4th turn);
- Vitalii Khomutynnik’s Charitable Foundation Vidrodzhennia - UAH 1.2 million (4th turn).
According to the court ruling, among the claims secured by the pledge of the debtor`s property were the claims of Ukreximbank (UAH 770.1 million), OTP Bank (UAH 356.8 million) and the Cypriot company Mirosena LTD (UAH 659.9 million).