USC regains control over Baltic Shipyard
The Federal Arbitration Court of Appeal of Moscow District has suspended an earlier ruling of 9th Moscow Arbitration Court in the law suit with participation of Russia’s Central Bank and United Shipbuilding Corp. concerning the stake of Baltic Shipyard, USC press office said.
On September 29, 2011 the Moscow Arbitration Court of Appeal turned over Baltic Shipyard’s assets to Russia’s Central Bank as debt security for trust management. The bank, in turn, transferred the shipbuilding assets to USC, which launched an anti-crisis management program at the plant.
However, a month later, another court, 9th Moscow district Arbitration Court of Appeal overturned an earlier decision that was in favor of the Central Bank.
Now, with the new decision of the higher federal court USC regains its rights for asset management of the St. Petersburg-based enterprise and to continue implementing anti-crisis measures. The Corp. has already tapped Valery Venkov as Acting CEO of Baltic Shipyard and adopted several decisions to recover the plant from a difficult financial situation.
