Former employees of Nairit plant require suspending the court  decision on bankruptcy

ArmInfo. Former employees of Armenian chemical giant - Nairit Plant - on December 7 gathered at the National Assembly building to be heard by the authorities.  According to the statements of nairit former employees, they require  the Court Decision in respect to Nairit Bankruptcy to be suspended. 

According to the previous information, today at the Parliamentary  session lawmaker Ishkhan Khachatryan, should raise the issue of  Nairit. 

To note, on Dec 5, former employees of Yerevan's Nairit plant applied   to the owner of Electric Networks of Armenia Samvel Karapetyan with   an open letter to suspend the bankruptcy procedure until 20 Jan 2017,  which is the deadline for submission of applications aimed at   attracting investors. As the letter reads, yet on Aril 7, 2015, ENA   submitted an application to the court with a purpose to get paid for   the electric power consumed by the plant and to raise a bankruptcy   procedure. The common jurisdiction court of the Shengavit community   passed the ENA claim and raised a bankruptcy recognition process in   respect to Nairit. According to the decision taken on November 28   Nairit did not implement the AMD 1bln 235 mln 3 thsd 232 (over USD   2.6 mln) payment due to its obligations.  

It was previously reported that EU-ASIA Business Finance Centre    (Slovakia) is ready to invest up to 20 mln USD and up to 150 mln EUR   in Nairit Plant. On November 14, considering the decision of the   Nairit Plant CJSC shareholder meeting, the Ministry of Energy   Infrastructures and Natural Resources announced a tender for   attracting private investors. The Ministry invites interested parties   to submit an application (letter), in which the program on the plant   re-launch will be presented. The deadline for submitting applications   is January 20, 2017.

To remind,   Nairit Plant has been idle since April 2010. At the  moment the debts  of Nairit Plant amount to 50 billion AMD (about 130  million USD). To  note, Nairit Plant has been idle since April 2010.  The Plant's shares were given as security against the CIS  InterStateBank's 70 mln   USD loan provided in 2006 for 5 years -  till late Dec 2011 - at 12.5%   p.a. In 2006, 90% of Nairit Plant's  shares were sold to Rhinoville Property Limited (UK). The latter owns  an 89,999% stake in the plant,   Armenian Ministry of Energy and  Natural Resources - 4,496%, Gazprom   Armenia CJSC (previously  ArmRusgasprom) - 3,596%, and Yerevan Thermal   Power Plant - 1,907%.