Uralchem was included in the list of Tomet’s creditors
The Commercial Court of the Samara region decided to introduce an observation procedure at Tomet. By the same decision, Uralchem was included in the third line of its creditors with a claim to recover 77.3 billion rubles (approximately $1.016 billion) in favor of Togliattiazot and 10.3 billion rubles (about $135.4 million) in favor of Uralchem.
On September 21, 2020, Togliattiazot filed a claim to the Commercial Court of the Samara region to initiate the bankruptcy procedure of Tomet. Later, Uralchem joined the Tomet bankruptcy litigation as one of its claimants in favor of Togliattiazot.
On November 25, the Commercial Court of the Samara region dismissed the Togliattiazot’s claim for bankruptcy of Tomet. The claim was declared unfounded and the company an inappropriate applicant.
By the Court decision, by March 1, 2021, an internal audit of Tomet must be conducted and the report on the financial condition of the company to be prepared. Based on this report, the Court will introduce one of the following procedures: the financial recovery of the company, external management, or bankruptcy proceedings.
Tomet is a defendant in a criminal case of large-scale fraud and damage to Togliattiazot and the minority shareholder Uralchem.
“Uralchem is interested in the stable operation of Tomet. The introduction of an observation procedure within the framework of the current legislation is a necessary and effective measure aimed at improving the debtor’s enterprise. The previously frozen accounts of Tomet will be unlocked, and the company will be able to continue full-fledged production and financial activities, fulfill its obligations to Russian and foreign partners, pay its employees and meet social obligations. We hope that the Court will take the Tomet’s situation under control and won’t allow unreasonable spending of funds and the withdrawal of the enterprise’s property,” said Dimitri Tatyanin, Director of Legal Affairs at Uralchem.
The introduction of the observation procedure and control of the enterprise by the Court will stop the growth of Tomet’s debt. Besides, with a stable operation, the company will be able to fulfill its obligations to Togliattiazot and Uralchem.