The Court of Appeal stops Centrenergo bankruptcy proceedings

The Northern Economic Court of Appeal on Tuesday refused to satisfy the claims of Centrenergo creditors (TOV Balans-Hrup and Transnova LLC) against the decision of the Kyiv Commercial Court on August 19, 2019, which terminated the bankruptcy of the company. It is reported by Energoreforma.

Balans-Hrup lawyer Inna Kornaukhova said that creditors intended to appeal this decision in the Cassation Economic Court.

The proceedings for declaring Centrenergo bankrupt were instituted back in 2004.

On August 19, the court closed the bankruptcy case of Centrenergo. But it resumed bankruptcy proceedings on September 13. The decision of the first instance was suspended pending consideration of the claims of Balans-Hrup and Transnova.

Recall that on October 29, 2018, the State Property Fund announced a competition for the sale of shares of Centrenergo at a starting price of 5.98 billion UAH. A sale was scheduled for December 13, 2018, the competition had to be held if there were at least two participants, one of which was foreign.

The auction did not take place. Since the documents of interested companies, in particular Ukrdoninvest LLC and Neftebitumen Plant (Belarus), were not allowed to participate, because the documentation they submitted did not meet the requirements of the law.

Centrenergo operates 23 units (18 – coal-dust, 5 – oil-gas) at the Vuhlehirska, Zmievska and Tripolska TPPs with a total installed capacity of 7690 MW.

Tags: The Cabinet of Ministers, contracts, tariffs, court, legislation, electricity, electricity market

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