ZAZ entered into a settlement agreement with creditors under the reorganization

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ZAZ entered into a settlement agreement with creditors under the reorganization

On 5 July the economic Court of Zaporozhye region has accepted to consideration the statement of the rehabilitation Manager CJSC “Zaporozhye automobile building plant” about approval of settlement agreement between debtor and creditors. It is reported by the Censor.

Proceedings No. 908/2500/18 bankruptcy ZAZ was opened by a decision of the court 04.12.2018. The process of rehabilitation for a period of 6 months was imposed by the court 11.04.2019. The of the debtor reorganization plan approved by the creditors ‘ Committee 28.03.2019.

July 1, the court on motion rehabilitation Manager ZAZ has made changes in the register of creditors of the debtor in part the secured claims of “Ukreximbank” in size 770,15 million UAH by reducing the amount of 139.7 million UAH – to 630,5 million UAH and changed the order of their satisfaction, applying these requirements of secured claims in fourth place.

Such decision was accepted by the court, given the fact that 20.06.2019 the state Bank were transferred to the funds received from the sale of property of the debtor, which was secured under a mortgage agreement and the pledge agreements.

According to court records, the corresponding auction took place 19.06.2019, it was 2 players, and the winner (with the offer of EUR 168.1 million UAH) was “ZAZ industries”, the ultimate beneficiary of which is Tariel Vasadze, who controls and “Zaporozhye automobile building plant”.

“Kristalbank” in the information disclosure system NSSMC has reported that 12.06.2019 its Supervisory Board decided on granting consent to a major transaction and concluding with ZAZ contracts for the sale of the property, namely objects of uninhabited real estate a total area of 142,2 thousand square meters, equipment and devices on the total purchase price is not higher 167.7 million UAH.

It was about the assets at the locations in Zaporozhye, Prospekt Sobornaya (Lenina), 8; M. Zaporozhye, street Chubanova str., 5; Zaporozhye region, Melitopol, street A. Nevskogo, 36; m., Melitopol, kakhovske highway, 17.

This information became known from the relevant court registry. AUTO-Consulting filed comments in UkrAVTO about the agreements reached and of the impending deal. But at the moment the company is not possible to disclose details of the transaction, as it is finally approved, and must be strictly complied with its obligations of confidentiality.

However, as reported in UkrAVTO, “for ZAZ this agreement means the first opportunity. The possibilities of maintaining the infrastructure and production facilities, the resumption of car production and the restoration of solvency of the resumption of activities by offering potential partners a modern production site, which allows you to produce 150,000 cars per year. As for buildings, I hasten to reassure You, the implementation of the recovery plan of the plant does not provide for the sale of the assets of the plant, which is involved in the production cycles.”

“Further steps will depend on the will of the state, which should be interested to maintain and increase the industrial potential of the enterprises through the establishment of an attractive investment climate. Successful implementation of the plan of reorganization will be a positive signal to potential partners with whom agreements have been reached, and will also make possible the launching of new projects, which we inform in the nearest future”, – summarized in the UkrAVTO Corporation.

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