Sberbank has filed a lawsuit to declare the Russian gas station operator "EuroTrans", which manages the "Trassa" network, bankrupt. The application was filed on October 12 in the Arbitration Court of the Moscow Region, and the amount of the bank's financial claims has not been disclosed, "Vedomosti" reported.
The filing of the lawsuit is another step in the deepening financial crisis surrounding the company. Earlier this year, "EuroTrans" missed payments on its bonds. The company described the situation as a technical default caused by a temporary shortage of available funds.
„The company referred to „technical defaults“ due to „temporary shortage“ of available funds on its accounts due to uneven revenue receipts.“Bank „Rossiya“ and Sberbank had already notified of their intention to initiate bankruptcy proceedings against „EuroTrans“, renewing the relevant notifications in September. Sberbank has now filed a formal lawsuit. On the same day, a similar application was filed by the company “Alfamonolit“, according to data from the arbitration file, cited by “Interfax“.
Financial problems and risk for the “Trassa“ network
The legal action was brought after unfulfilled obligations to creditors and investors. According to “Vedomosti“ in September, “EuroTrans“ made a complete default on coupon payments on its bonds. The company is also facing other claims, while creditors are taking action to collect debts.
Sberbank's claim in itself does not mean that “EuroTrans“ has already been declared bankrupt. The court is yet to assess whether the application meets the requirements and whether proceedings will be opened. At the moment, the amount of Sberbank's claim and the terms for the decision have not been publicly disclosed.
Against the backdrop of financial difficulties, the Russian government is discussing the possibility of placing the “Trassa“ network under external management. The stated reason is the need to protect critical fuel storage infrastructure. So far, there is no confirmed decision to introduce such a measure.
Sources: news.bg, vedomosti.ru, interfax.ru