Vitebsk Fur Factory has exited the rehabilitation procedure

April 5, Vitebsk / Sergey Kochetov - BELTA /. The Economic Court of Vitebsk Region issued a ruling to terminate the proceedings in the case of economic insolvency (bankruptcy) of RUP "Vitebsk Fur Factory". This decision formally completes the enterprise's rehabilitation procedure, Deputy Chairman of the Economic Court Oleg Kienko told a BELTA correspondent. After the court ruling comes into force, all restrictions imposed in connection with the enterprise's rehabilitation and aimed at protecting the debtor will be lifted. The concern "Bellegprom" is to appoint a director for the factory by May 1, after which the powers of the manager in the bankruptcy proceedings will be terminated. In addition, the Economic Court rejected the petition of the enterprise's creditors' meeting to set deadlines for final settlements with creditors. In total, upon completion of the rehabilitation, the Vitebsk Fur Factory's debt amounts to over Br12.8 billion in the register of creditors' claims. Earlier, the Economic Court approved the manager's report on the results of the rehabilitation. During the rehabilitation procedure, the enterprise managed to stabilize its solvency indicators and the ratio of financial obligations to own assets. In addition, the factory is mainly meeting its current payment obligations. However, the anti-crisis team failed to fully implement the rehabilitation plan. For example, accounts payable were not settled within the deadlines and amounts (over Br3 billion) stipulated by the rehabilitation plan. The factory was declared economically insolvent in May 2007, and rehabilitation proceedings were opened against it. The statutory maximum period for the rehabilitation of a bankrupt enterprise (30 months) expired in December 2009. RUP "Vitebsk Fur Factory" is part of the concern "Bellegprom" and is the only enterprise in the country producing fur products. -0-