FESCO does not expect bankruptcy claim to have impact on operations

FESCOThe Russian private shipping company FESCO does not expect that the bankruptcy claim to have any impact on the group’s work. The lawsuit for bankruptcy of the shipping company was filed in the Moscow Arbitration Court on February 27 by the managing company Capital, which holds bonds worth 306.6 million rubles. The company also hope that the lawsuit will not prevent reaching an agreement with the holders of ruble bonds, adding that the dialogue with creditors continued. The operations of FESCO, including payment related to customers and subcontracts, will not be interrupted or affected by the bankruptcy claim. All vessel’s of the company are operating as usual.

“FESCO does not expect that lawsuit on bankruptcy will have a negative impact on its operations and interaction with partners, including suppliers and customers”, said the official statement of FESCO. “Operationally, FESCO continues to function as normal, fulfilling all of its obligations”, adds the statement.

The Russian investment group Capital, which holds bonds worth 306.6 million rubles, acquired in 2013 and maturing in 2017.

FESCO is one of the leading public transportation and logistics companies in Russia with operations in ports, rail, integrated logistics and shipping business. The shipping group is the leader of container transportation through the Russian Far East via international sea container lines to/from Asian countries, domestic sea container lines and by rail. FESCO is the leading port container operator in the Far East region.

More about the FESCO bankruptcy claim:
Bondholders filed a lawsuit for bankruptcy of FESCO [01/03]