Creditors who disagree with this decision plan to file a cassation appeal to the Supreme Court after receiving and analyzing the full text of the court decision.
As reported by Forbes.ua with reference to the press service of the law firm Ario Law Firm, the Northern Commercial Court of Appeal supported the pre-trial rehabilitation plan of Eldorado in the case of restoring solvency. In particular, the court refused to satisfy the appeals of some creditors of the Eldorado household appliances chain. As noted by the director of the legal department of Eldorado (OOO Diesa) Maksym Baidyk , after the court of first instance accepted the pre-trial rehabilitation plan, the retailer immediately – in May 2024 – began to fulfill its obligations and repaid about 5% of the approved amount in three months. According to him, this allowed the business to stay afloat and begin recovery.
Let us recall that according to the pre-trial rehabilitation plan, Eldorado is guaranteed to pay off 30% of the debt, which exceeds UAH 2.5 billion, within five years. At the same time, 30% of the debt is subject to write-off, and the creditors will receive another 40% after compensation for the damage caused by Russia. "There are already two court decisions on collecting from Russia about $3.6 million and $15.95 million for the losses that Eldorado suffered due to the Russian invasion," says senior partner of Ario Law Firm Julian Khorunzhiy .
This plan was approved by Eldorado's creditors, who hold more than 60% of the total debt, at the general meeting on September 22, 2023. Oschadbank remains Eldorado's largest creditor among state financial institutions. In 2018, the company (the borrowers are legal entities Diesa, Technopolis-1, Tekhenergotreyd) already restructured its debt to the bank for $120 million. The collateral was goods in circulation, and most importantly, the personal guarantee of Viktor Polishchuk. Over the course of a year, as of August 2024, Viktor Polishchuk's Eldorado store chain has shrunk tenfold – from 70 stores to seven.
Accordingly, some creditors disagree with the court's decision and are trying to initiate bankruptcy proceedings against Eldorado. Thus, the press service of UK Distribution LLC, one of Eldorado's creditors, stated that after receiving and analyzing the full text of the court decision, they will file a cassation appeal to the Supreme Court, protecting their legal interests.
