The commercial court in Odessa region has declared public joint-stock company Odessa combined heat and power plant (CHPP) bankrupt and launched a liquidation procedure for the period of 12 months.
The company reported in the information disclosure system of the National Commission for Securities and the Stock Market on Tuesday that the court made the decision on December 13.
Readjustment manager Yevhen Lakhnenko filed an application to close the company.
As of December 31, 2015 net asset value was 328.781 million UAH and liabilities stood at 710.323 million UAH.
“Odessa CHPP assets are not enough to pay for its liabilities. After satisfying claims of creditors there will nothing to distribute among the company’s shareholders”, the company said.
Ukraine’s State Property Fund (SPF) sought to sell 94.99% of Odessa CHPP at a privatization tender. In October SPF Head Ihor Bilous stated the absence of the interest of investors to Odessa CHPP. (Interfax/Business World Magazine)