Will the court declare Firtash's Cherkasy AZOT bankrupt?

by Editor • 30.01.2015 • 0 Comments

Gaz Ukrainy, a subsidiary of Naftogaz Ukrainy, filed a petition with the Cherkasy Oblast Commercial Court to declare Cherkasy-based Azot PJSC bankrupt. Gaz Ukrainy argues that Cherkasy-based Azot has been unable to pay it UAH 181,113 million in gas debt for three months, following the entry into force of the relevant court decisions and the commencement of enforcement proceedings.

According to the Unified State Register of Court Decisions, the court accepted the application for consideration on January 17. The first hearing on this case will take place on January 30, 2015.

As a reminder, Cherkasy-based PJSC Azot is one of the largest enterprises in Ukraine producing mineral fertilizers, ion-exchange resins, caprolactam, and other chemical products.

The company employs approximately 4,5 specialists. The joint-stock company accounts for 15% of ammonia production in Ukraine, 24% of urea production, and holds a monopoly on caprolactam and ion-exchange resin production. Cherkasy-based Azot PJSC's products are in demand in the CIS, Europe, Southeast Asia, and Latin America. Since 2011, Azot PJSC has been part of oligarch Dmitry Firtash's Ostchem holding company.

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