Leningrad Nuclear Power Plant: Bankruptcy case suspended

Publish date: October 30, 1998

Written by: Thomas Nilsen

ST. PETERSBURG (Bellona Web): The Arbitrage Court of St. Petersburg has requested a financial analysis of the Leningrad nuclear power plant. Therefor the bankruptcy case against the plant will be delayed until January next year.

Three weeks ago, Leningrad nuclear power plant was sued by the company Rosvooruzheniye KBR, which holds two million roubles in promissory notes issued the nuclear power plant. The Arbitrage Court of St. Petersburg agreed to open the bankruptcy case, but on Thursday October 29, the court said they need a financial analysis before they can continue with the court hearings.

According to St. Petersburg Times, the law firm Grigoryev & Co, which represent Leningrad nuclear power plant, says the economical analysis could take up to three months. The law firm said that the nuclear power plant’s balance of claims and liabilities is positive. The plant has a debt receivable of 3,9 billion roubles ($224 million) and accounts payable of 3,8 billion roubles effective August 1.

"The bankruptcy of Leningrad nuclear power plant, which slowly pays off its debt, would be unfavourable for both the company and its creditors," said Aleksandr Gregoryev, representative of the law firm on behalf of the nuclear power plant.