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State PJSC Sumykhimprom: Economic Recovery

News date: 4 December 2014

On December 4, 2014, the rehabilitation plan of PJSC Sumykhimprom, which will allow the enterprise to overcome the crisis, was approved at the general meeting of creditors of PJSC Sumykhimprom. It was reported by Roman Marchenko, Senior Partner at Ilyashev & Partners, asset manager of PJSC Sumykhimprom.

The rehabilitation plan provides for the continuation of the enterprise as an integral property complex, saving jobs, continued payment of taxes and fees, and increasing production. The rehabilitation plan does not envisage participation of an external investor, the enterprise will remain in state ownership. The rehabilitation plan was previously approved by the creditors’ committee. To begin its implementation, the rehabilitation plan must be approved by the State Property Fund and the Commercial Court of Sumy Region.

“Approval of the rehabilitation plan is the only way to prevent the liquidation procedure and preserve this state-owned enterprise, a unique chemical complex having great strategic importance for Ukraine and Sumy community. The creditors took into account that PJSC managed to remain one of the largest enterprises in the chemical industry of the country, not a single object of production facilities was sold during the bankruptcy. More than 4,5 thousand employees timely receive salary, which is 25% above the average salary in the Sumy region. During the financial rehabilitation more than UAH 100 million was spent for capital investment, more than UAH 140 million – for current repairs; more than UAH 300 million of taxes and fees was transferred to all budgets and social funds”, commented on the situation in Ilyashev & Partners.

The total registered accounts payable of PJSC is about UAH 1.4 billion. The enterprise is ranked third in Sumy by allocations to the local budget.