Home News Branch news Press service of OAO "Volga" commented situation connected with petition in bankruptcy

Press service of OAO "Volga" commented situation connected with petition in bankruptcy

Because of appearance in mass media information about bankruptcy of OAO "Volga", press service informs the following information:
Taking into account the size of OAO "Volga", volume of its business, social significance for paper sphere of the country, management of OAO "Volga" looks at the bankruptcy of the company as desperate measure in current situation.
Now the factory have some financial difficulties connected with judicial contest with the company PAO "MRSKA Center and Privolzhie".   
Numerous proposals of OAO "Volga" to management of PAO "MRSKA Center and Privolzhie" for settlement of disputes and also sent projects of world agreements on arbitration disputes between companies did not find any understanding.

Instead of moving to the way of signing agreements about loan rescheduling December 16, 2015 on  order of enforcement passed by  PAO  "MRSKA Center and Privolzhie" to Court Bailiffs Service was opened the  execution proceeding about penalties from OAO "Volga" the debt more than 658 mln.rub. and executive charge in the amount of 46 mln.rub.
According to the analysis of current situation management of OAO "Voga" decided to send arbitration court of Nizhni Novgorod petition in bankruptcy. This step is aimed not to stop the work of the factory in the result of arrest on bunk accounts.
This measure will allow providing the possibility of fulfilling current obligations towards the workers of the mill, contractors and creditors and create the conditions for further protection of interest the company according to the procedure provided for by the legislation.
We also notes that OAO "Volga" continues to fulfil their obligations towards the partners and buyers of the product, without any limitations and according to before agreed concluded contracts.  
OAO "Volga" certainly makes the support of the clients, provides their requirements in newsprint. Production of high quality product using high technologies together with professionalism has the base role and main priority in the activity of the company.


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