Lossmaking Belarusian Company Has Hundreds Of Millions Debts But Won't Pay

They came up with a scheme.

The Asset Management Agency was instructed to repurchase the debts of the unprofitable Mogilevkhimvolokno company. The relevant resolution was published on the National Legal Internet Portal, Zerkalo reports.

Over the past three years, Mogilevkhimvolokno has received loans in the amount of 370.9 million in four banks: Belarusbank, Belagroprombank, BelVEB Bank and Belgazprombank. They were supposed to be returned in 2024—2026.

The Asset Management Agency will repurchase these debts 296.8 million rubles. That is, the discount will be 74.2 million rubles or 20%.

Mogilevkhimvolokno is recognized as an unprofitable enterprise. Last year, it reduced its net loss to 127.2 million from 227.7 million rubles, according to data from the unified financial market portal. Credits probably helped them.