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Major pharmaceutical distributor declared bankrupt

15:10 17/11/2011

MOSCOW, November 17 - RAPSI, Natalya Belova. A commercial court declared bankrupt a large pharmaceutical distributor, the Russian Legal Information Agency (RAPSI) reported from the courtroom.

Shreya was one of Russia's largest pharmaceutical distributors. According to the media, its 2009 profits totaled 7.4 billion rubles ($240.78 million), or two percent of the market.

Commercial courts have registered over 20 lawsuits amounting to about two billion rubles ($65.07 million) against Shreya since late 2009. The plaintiffs include medicine suppliers and credit institutions.

The Moscow Commercial Court recovered from Shreya 1.1 billion rubles ($35.79 million) in favor of Winslett Financial Services Limited and Diam-Farmatsiya. The court recovered from Shreya 383 million rubles ($12.46 million) as part of the same suit.

The court opened a bankruptcy administration against the company for six terms.

During the hearing, it was stated that the company owes to its creditors 7.857 billion rubles ($255.65 million), of which 6.8 billion rubles ($221.26 million) are primary debt. Most of the company's five billion rubles ($162.69 million) in assets are non-liquid. Its primary assets are six real estate facilities - two buildings in Moscow and four buildings in the regions.

Shreya supported the application to declare the company bankrupt.

The Moscow Commercial Court ordered supervisory proceedings against the company on November 3. The application on the company's insolvency was submitted to the court by the Actavis pharmaceutical company.

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Major pharmaceutical distributor declared bankrupt

15:10 17/11/2011 A commercial court declared bankrupt a large pharmaceutical distributor.
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