Palmali appeals against bankruptcy

Palmali appeals against bankruptcy

One of the biggest players on the Russian market of cargo transportation by river and sea, plans to appeal against the court’s decision to declare the bankruptcy of the Russian part of the company and to effectively transfer the Palmali fleet to Sberbank.

Last month, a court in Rostov-on-Don in southern Russia declared the bankruptcy of the Russian part of Palmali. The company owes 180 million dollars to Sberbank, with almost all its ships being secured by Russia’s largest bank. Palmali also owes 1.6 billion roubles (24 million dollars) of tax arrears.

The company transported large quantities of crude oil as well as exported products, serving routes between refineries in the Volga region and the Black Sea and Azov Sea. Palmali suffered from cheaper transport options such as railways and pipelines.

River transport in Russia, which includes cargoes of cereals and building materials, petroleum products and cars, decreased in 2017 by 6.4% compared to the previous year.

Source: www.cnbc.com/2018/12/14/reuters-america-palmali-to-fight-court-ruling-on-bankruptcy-of-russian-arm.html

 

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