Nairit bankruptcy recognition aimed at recovering it and attracting investors
08.12.2016,
12:24
The process of recognition of bankruptcy of Nairit, former chemical plant in Armenia, is aimed at recovering it and attracting investors, David Harutyunyan, the minister-head of the government’s staff, said Wednesday at an A&Q session in the National Assembly.
YEREVAN, December 8. /ARKA/. The process of recognition of bankruptcy of Nairit, former chemical plant in Armenia, is aimed at recovering it and attracting investors, David Harutyunyan, the minister-head of the government’s staff, said Wednesday at an A&Q session in the National Assembly.
In late November, the court of Yerevan’s Shengavit district, in response to the suit filed by Electric Networks of Armenia CJSC, announced Nairit Plant CJSC bankrupt.
“Bankruptcy is one of the ways of recovery and attraction of investors,” Harutyunyan said. “Not a single investor wants to invest in a company which may have a $100-million debt.”
Nairit, he said, produced no profits even when it operated, and wages were paid at the account of other economic entities.
“All of us paid salaries to Nairit employees from our pockets,” Harutyunyan said. “The government is right in thinking that it is necessary to find a final solution to this problem.”
Harutyunyan said if investor appears the most important thing for this investor will be to freeze debts.
“The government can’t send constantly taxpayers’ money to Nairit,” he said.
On November 14, Armenia's ministry of energy infrastructures and natural resources announced a tender with involvement of private investors to re-launch Nairit chemical plant's production facilities.
Companies may submit also preliminary projects of the re-launch of the plant’s production infrastructures. Applications are accepted until January 20, 2017.
Nairit has been standing idle since March 2010. The Armenian government has repeatedly said that the plant will be re-launched as soon as an investor appears.
The re-launch is estimated to cost $200 to $300 million.
Armenia’s energy ministry says the plant re-launch would be reasonable only with a prospect of annual output of at least 10,000 tons of rubber. --0---
In late November, the court of Yerevan’s Shengavit district, in response to the suit filed by Electric Networks of Armenia CJSC, announced Nairit Plant CJSC bankrupt.
“Bankruptcy is one of the ways of recovery and attraction of investors,” Harutyunyan said. “Not a single investor wants to invest in a company which may have a $100-million debt.”
Nairit, he said, produced no profits even when it operated, and wages were paid at the account of other economic entities.
“All of us paid salaries to Nairit employees from our pockets,” Harutyunyan said. “The government is right in thinking that it is necessary to find a final solution to this problem.”
Harutyunyan said if investor appears the most important thing for this investor will be to freeze debts.
“The government can’t send constantly taxpayers’ money to Nairit,” he said.
On November 14, Armenia's ministry of energy infrastructures and natural resources announced a tender with involvement of private investors to re-launch Nairit chemical plant's production facilities.
Companies may submit also preliminary projects of the re-launch of the plant’s production infrastructures. Applications are accepted until January 20, 2017.
Nairit has been standing idle since March 2010. The Armenian government has repeatedly said that the plant will be re-launched as soon as an investor appears.
The re-launch is estimated to cost $200 to $300 million.
Armenia’s energy ministry says the plant re-launch would be reasonable only with a prospect of annual output of at least 10,000 tons of rubber. --0---
