New lawsuits are filed against the “Pella” shipbuilding plant

The “Pella” Shipbuilding plant paid for the second demand of the “Arsenal” plant in order to avoid bankruptcy. However, two more contractors of the shipyard joined the lawsuit.

“There are a significant number of claims against “Pella” in the arbitration file. And the general trend is that the company settles with each subsequent creditor only under the threat of bankruptcy proceedings," says Karina Sidorova, Head of Crisis Management and Bankruptcy Practice of the Duvernoix Legal law firm.

“Arsenal” managed to achieve repayment of debts largely due to the use of the debtor's bankruptcy filing mechanism. Another creditor is next in line – Marine Navigation Systems with a demand of about 5 million rubles. Probably, the shipbuilders will settle with him,” the expert suggests.

"Non-fulfillment of obligations to a single creditor does not always indicate the objective insolvency of the debtor. This situation can continue for quite a long time, and this will not prevent “Pella” from continuing its normal activities. Perhaps the company has an economically sound plan to get out of the crisis, based on receiving new orders and paying customers for old ones," says Karina Sidorova.

According to her assessment, the shipyard will have real problems in case of the Sberbank loans delinquencies. According to Casebook, by the end of 2020, the credit load of “Pella” had grown to 755 million rubles, and this is only for one legal entity. The total debt of the group of companies, taking into account the subsidiaries, may be significantly larger (previously, “DP” wrote about loans in the amount of 5.6 billion rubles).

"Information about Pella’s pledges to Sberbank is also reflected in the Casebook. And if there are loan delinquencies, Sberbank will be able to demand an early repayment of the entire amount, which, as a rule, leads to the bankruptcy of borrowers," notes Karina Sidorova.