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Monday, October 19, 2009

Total Collapse With Okey-Ukraine

Okey-Ukraine is not pay for the delivered goods worth about UAH 130 million UAH, told the retailer' suppliers

A mobile phone of Raul Parusk is not responding. He is a manager of Expert Capital SA, Luxembourg which is owns Okey. Supplies cannot to get rest of goods delivered, thee disappeared.

Among the creditors were large companies such as Nestle.

Meanwhile, according to the suppliers, Okey-Ukraine has paid or agreed to restructure the debt to banks for loans at a much higher amount - about UAH 400 mln. The biggest lenders are Ukrsibbank and Finance and Credit. But Finance and Credit sold the equipment which was a pledge for a loan to Auchan. So, there is no debt from Okey, tell officials from bank

Suppliers have applied the criminal lawsuits against retailer, hoping to protect own business in such manner. They trying to prove that Okey' management was involved into the bringing to bankruptcy for the purpose. In that case, suppliers will have
chance to bring their money back from other owner' income, even from the other business.

Conflict may also affect on the other assets and business of Expert Capital. Until the end of the week suppliers will send a letter to the EBRD head office. They will ask the management not to issue a new USD 39.9 mln. tranche to Expert Capital for the shopping centers construction in Ukraine, due the owner is not fulfilling debt obligations. Last spring, the EBRD provided a loan to three companies belonging to the "Panorama Group", with total amount of USD 139.3 mln. The first USD100 mln. was transfered last year.