INTERNATIONAL SUGAR CORPORATION JSC does not intend to go bankrupt and has already announced the repayment of the creditor's claim.
The project has been brought to a high degree of readiness and together with Chinese co-investors, the entire project implementation cycle has been worked out up to the start-up of the plant and the sale of products for export.
The implementation of the financial plans of ISC JSC and Chinese investors is influenced by the global situation with the new coronavirus infection and the restrictions imposed in this regard, and the project activities previously planned for the first quarter of 2020 are forced to be postponed to a later date (Q3 of 2021).
Chinese investors do not have the opportunity to arrive on the territory of the Russian Federation, and all communications are carried out exclusively on-line. The necessary support has been provided to the project by Chinese investors, and continues to be provided; project activities never been stopped.
ISC JSC stated in the arbitration process about the inaction of the former arbitration manager, who, bypassing all common sense, and bypassing the stage of financial recovery of the company, makes a decision at a creditors' meeting with the participation of a single creditor (the candidacy of this arbitration manager was represented by a single creditor) on bankruptcy proceedings against the company, while being already disqualified.
The plans announced jointly with the Government of the Rostov Region and investors to start the plant construction in 2021 remain in force.