MINSK, 29 March (BelTA) – Company rehabilitation should eliminate the causes that led to insolvency, Director of the Rehabilitation and Bankruptcy Department at the Economy Ministry Yuri Tarakanov said, BelTA learned from the press service of the Economy Ministry.
Employees of the Rehabilitation and Bankruptcy Department and its regional branches keep track of the financial and economic performance of organizations that are undergoing the rehabilitation process, visit such enterprises, participate in court hearings, meetings of creditors, working meetings and meetings of insolvency prevention commissions.
In March, the department studied the situation at Pinsk Shipbuilding and Ship Repair Plant, Saleo Gomel, the management company of Zabudova Holding Company, Molodechno Steel Structures Plant and other enterprises, and also participated in meetings of insolvency prevention commissions of organizations subordinate to the Belgospishcheprom food industry concern, the Brest Oblast Executive Committee and the Vitebsk Oblast Executive Committee. The work of anti-crisis managers was assessed and ways of solving emerging issues were outlined.
“Well-planned financial recovery strategies have helped individual enterprises achieve good results. For example, Saleo Gomel's output and revenues increased 1.5 times over the past year, exports rose 1.75 times. Gomel Steel Structures Plant also performed well. However, an example of a truly successful rehabilitation effort is Bykhov Canning and Vegetable Dehydration Factory. The company managed to attract a strategic investor who bought the enterprise and pledged to retain its workforce and specialization. The proceeds from the sale of the company will be used to pay debts to the creditors; the company is getting a new lease on life. Thus, the reasons that led the company to insolvency were eliminated,” Yuri Tarakanov emphasized.