Restructuring of the IGH Institute through Pre-Bankruptcy Settlement

The IGH Institute has submitted a request to the Financial Agency (Fina) regarding the initiation of pre-bankruptcy settlement proceedings, with the intention of the company and its creditors to complete this process as soon as possible and to continue operations fully restructured and capitalized, the IGH Institute reported today.

According to the statement, the request for initiating the pre-bankruptcy settlement was submitted after today’s Management Board meeting, the decision of the Supervisory Board, and preliminary agreements with the largest creditors.

It is added that “the intention and desire of the IGH Institute and leading creditors is to strive to complete the pre-bankruptcy settlement process as soon as possible and to continue operations fully restructured and capitalized.”

The IGH Institute also states that in recent months they have been intensively coordinating with the largest creditors, primarily commercial banks, on the optimal model of financial restructuring and ultimately, with the support of the largest creditors, following the fulfillment of legal conditions, made the decision to initiate the pre-bankruptcy settlement process.

They emphasize that “a positive outcome of the pre-bankruptcy settlement is expected.”

– The successful implementation of the pre-bankruptcy settlement, through restructuring and financial consolidation, will fully stabilize business processes and the implementation of existing as well as, we hope, new projects in the future. The proposed restructuring model, whose final preparation is nearing completion, will certainly foresee capital strengthening and the continuation of optimizing business expenses as well as the sale of company assets that do not serve the core business – states the IGH Institute’s statement.

It is also noted that the IGH Institute will simultaneously “continue with a proactive policy of entering international markets and completing negotiations related to potential contracts in the Russian Federation market,” as well as that during the pre-bankruptcy settlement process, they will have the opportunity to issue bank guarantees.