Electric Networks of Armenia Wants Court to Declare Nairit Bankrupt

16:19, 3 September, 2015

Electric Networks of Armenia (ENA) CJSC went to the courts in May of this year demanding that Nairit Plant be declared insolvent.

The Shengavit Court session scheduled for today was postponed until November.

Nairit attorney Armen Abovyan filed for a postponement arguing that negotiations were underway between ENA and Nairit.

Nairit, the now non-functioning Soviet era chemical behemoth, owes ENA 1.2 billion AMD.

Abovyan told Hetq that if the chemical giant operated anew, profits could pay off the debt.

Neither the World Bank nor Armenia’s Ministry of Energy and Natural Resources believe that the plant can be re-launched.

This is not the first bankruptcy suit filed against Nairit. On April 25, 2014, the Iranian company SandbadTir INTL Transport Co. LTD dropped its suit to have Nairit Plant declared bankrupt.