Court declares bankruptcy of Otkritie Holding, debts exceed 600 bln rubles

MOSCOW. July 20 (Interfax) - On Wednesday, the Arbitration Court of Moscow declared JSC Otkritie Holding insolvent (bankrupt). The holding's confirmed debts exceed 600 billion rubles, an Interfax correspondent reported from the court.

The court confirmed Maria Bulatova, who had previously been the interim manager, as the bankruptcy manager of Otkritie Holding. The court scheduled her progress report for January 23, 2023.

At the beginning of the hearing, the court dismissed two motions by VTB to postpone the hearing. These were prompted by the fact that the creditors' meeting had taken place only the day before, on July 19. The minutes of the meeting have not been published, and the bank has not familiarized itself with them. The VTB representative asked that the hearing be postponed to secure time to review the document and to have the opportunity to appeal it in case of disagreement.

However, the interim manager, as well as a representative of Trust Bank, objected to the postponement.

It was noted at the hearing that the meeting of creditors with claims totaling more than 99% of votes voted on July 19 to recognize the company's bankruptcy and to appoint Bulatove as bankruptcy manager. Six out of seven creditors attended the meeting. All of the creditors' claims were considered.

On November 19, 2021, the Arbitration Court of Moscow introduced a monitoring procedure for Otkritie Holding. The court then recognized the company's own bankruptcy petition as justified and approved Bulatova as temporary manager.

"The total amount of the debtor's obligations amounts to 569.4 billion rubles, which is confirmed by the documents presented in the case file," the court said.

The company filed its own bankruptcy petition with the court on March 5, 2020.