Creditors are trying to declare bankruptcy of a terminal that loads ships under the "Grain Agreement" - GNT Group

On February 15, 2023, the Commercial Court of the Lviv region started the bankruptcy procedure of the LLC Olimpex Coupe International, which manages a strategically important grain terminal that provides the operation of the "grain corridor", says the press release of the GNT Group holding.

The holding company informs that the initiator of the bankruptcy procedure is the company Madison Pacific Trust Ltd (agent of the creditor company Argentem Creek Partners), which has filed a corresponding application.

As a result of the exceeding of powers by Madison Pacific Trust Ltd, the general director of Olimpex Coupe International LLC was illegally changed - a person controlled by Madison Pacific Trust Ltd was appointed to this position, and the address of the company's legal entity was illegally changed from Odesa to Lviv. All these actions point to an attempt to carry out a raider seizure of Olimpex Coupe International LLC, the legal owner of which is the GNT Group holding.

After that, Madison Pacific Trust Ltd filed anlimpex Coupe International LLC bankruptcy application.

The purpose of initiating the bankruptcy of GNT Group is the raiding of a strategically important grain terminal, which loads merchant vessels with Ukrainian grain for export within the framework of the "Grain Agreement".

GNT Group has already announced that it will appeal today's decision of the Commercial Court of Lviv region in the appeals court since the statement of Madison Pacific Trust Ltd is conceived and does not meet the requirements of the Ukrainian Code of Bankruptcy procedures.

There are decisions of international and Ukrainian courts in favor of the Ukrainian holding, namely:

On February 7, the District Court of Nicosia (Cyprus) passed an Order