ISD issues a statement regarding the absence of grounds for declaring the insolvency of Dneprovsky Dzerzhinsky Metallurgical Plant


Taking into account some publications in the Internet concerning the bankruptcy procedure of Dneprovsky Dzerzhinsky Metallurgical Plant, Industrial Union of Donbass Corporation deems it necessary to announce the following.

On September1, 2011 by determination of the Commercial Court of Dnepropetrovsk Region the decision of the court was passed as for the necessity of the publication about the institution of an action concerning the bankruptcy of Dneprovsky Dzerzhinsky Metallurgical Plant pursuant to a claim filed by Unibros Steel Co LTD.

ISD Corporation has repeatedly stated its position regarding the inconsistency of Unibros Steel company property claims in general and starting bankruptcy proceedings in particular.   

Despite our opinion that the property claims of Unibros Steel are groundless, but provided that Dneprovsky Metallurgical Plant has a special status of a major employer in the town, a particularly dangerous enterprise from the point of view of an industrial safety and environmental protection and considering the fact that the plant is the largest tax-payer in Dneprodzerzhinsk and one of the major tax-payers in Dnepropetrovsk Region, which stable activity raises the money for state and local budgets and supports the welfare of many thousands of families, ISD Corporation has taken a decision to redeem the claims of Unibros Steel. Nevertheless settling the relations with Unibros Steel became factually impossible since Unibros Steel representatives have taken absolutely non-constructive position and demanded transferring the sums into doubtful accounts in small captive banks on the basis of untrustworthy documents. Any transparent schemes of redeeming were rejected without any explanations. 

ISD Corporation deems it necessary to state that as for September 9, 2011 on the bank account arrested by the State Executive Service pursuant to the claim of Unibros Steel, there are monetary means sufficient for the full recovery of indebtedness which is an absolute confirmation of the fact that there are absolutely no grounds for recognizing Dneprovsky Dzerzhinsky Metallurgical Plant insolvent.

Besides, currently there are appeal cases and cassations in different juridical instances which are being considered concerning the property claims and starting enforcement proceedings and the bankruptcy procedure.   
As for September 9, 2011 the Highest Specialized court of Ukraine which considers civil and criminal cases has determined to stop a recovery based on the execution passed to Unibros Steel. We are sure that we’ll finally substantiate our case.

The appearance of the publications in the internet sources, unwillingness to settle relations and receive monetary means in the order determined by law, offering doubtful financial schemes of the indebtedness redemption on the part of Unibros and the continuing aggressive actions give enough grounds to state that there are malpractices of the creditor in relation to Dneprovsky Dzerzhinsky Metallurgical plant.
ISD Corporation goes on taking all actions as stipulated by the legislation of Ukraine to protect its legal rights and interests and the interests of its honest creditors.

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