Supervisory procedure in major fruit company commenced
ST.-PETERSBURG, March 16 - RAPSI. The St. Petersburg Commercial Court has commenced on Friday a supervisory procedure against the leading Russian fruit importer JFC.
JFC stated in late February that the procedure was needed "to protect the interests of its creditors and to continue operations."
JFC faced severe financial troubles due to turmoil on international markets when major fruit suppliers went bankrupt due to the events of the Arab Spring among other reasons.
JFC reported earlier that it sold up to 30 percent of its products to southern Mediterranean countries and sustained substantial losses in 2011 due to damaged business relations, loss of markets and unrecoverable debts.
Established in St. Petersburg in 1994, the JFC Group comprises fruit production, procurement, storage, transportation and sales companies. JFC says it is the largest fruit supplier to the Russian market.