Ladutska Submitted Application For Motavela’s bankruptcy

Businessman-investor Murauyou got into prison for 11 years for exactly the same proposal.

The application to recognize Motavela as economically insolvent (bankrupt) was sent to the Economic Court of Minsk. The document was signed by the motor-bike plant general director Mikalai Ladutska, tut.by reports.

"The debtor is operating at a loss, inability to pay is becoming sustainable, cash receipts do not allow satisfy the payment obligation and obligations arising from labor relations and relations related to them in due time," – the statement says.

According to the balance sheet, the value of Motavela's assets is 60 million rubles as of April 30. The loss for the first quarter was almost 350 thousand rubles. The loss for 2016 is 7.5 million rubles.

The main reasons for the miserable financial situation of the enterprise are "the interest accrual and currency differences from the recalculation of liabilities expressed in foreign currency, as well as a shortage of working capital that prevents the increase in production volumes." The losses also increase due to the maintenance of non-core assets (a farm household, a children's health camp, a hostel complex).

Motavela has debts to 7 banks, including pledges and guarantees on third parties' obligations in 6 banks. A total of $ 28.2 million of own liabilities are in one bank. Plant property of estimated value of almost $ 88 million is in pledge of banks, the document says.

According to the statement, the amount of creditors' claims for obligations secured by the pledge of Motavela's property is 61.3 million dollars (187% of the value of assets). The unchallenged by the debtor amount of creditors' claims for monetary obligations is 59.3 million rubles.

The Economic Court considers demands of Belgazprombank (almost $ 9 million), the Latvian Rietumu Bank (7,138 million euros) and Belarusbank ($ 1.9 million).

In addition to debts to the banks, Motavela has obligations to the budget and employees for a total of 700 thousand rubles.

Motavela's accounts receivable is almost 16 million rubles. However, a significant part of the accounts receivable are those of the debtors, which are in the process of liquidation.

As follows from the statement, 99.88% of Motavela shares already belong to the State Property Committee.

This happened after the main owner of the company, investor Aliaksandr Murauyou, was sentenced to 11 years in prison in January 2017 and his controlling stake in Motavela was confiscated in favor of the state. We remind that Murauyou was sentenced exactly for the proposal to bankrupt Motavela as an unprofitable enterprise.

A few weeks ago, the Minsk authorities sent proposals on the development of a motor-bike factory to the government. In particular, they proposed to bankrupt OJSC Motavela and sell the plot of land on Partizansky Avenue at auction as a single lot. It is planned to start a new production of motorcycles and bicycles in the China-Belarus industrial park Great Stone, which will be a free economic zone.