The court declared bankruptcy of MPG AgroProduction OÜ
Source: GlobeNewswire
On 28 November 2023, AS Tallinna Sadam (hereinafter referred to as "Tallinna Sadam") submitted an application to initiate bankruptcy proceedings of MPG AgroProduction OÜ (hereinafter referred to as "MPG"). On 19 January 2024, the debtor submitted its reorganization application. On 12 August 2024, reorganization proceedings of MPG were terminated by the Supreme Court's order and on 15 October 2024 the bankruptcy of MPG was declared.
Bankruptcy proceedings were initiated based on the application submitted by Tallinna Sadam, as MPG has not fulfilled its contractual obligations for a long period of time. The total amount of the claims as of 30 September 2024 is ca 3.5 million euros (building title fee, servitude fee, land tax, services, interest and 2022/2023 penalty for late payment), which have already been discounted as at the end of September. Contractual penalty and penalty for late payment for 2024 are subjects to be added to the main claim. In addition, Tallinn Sadam requests the exemption of its own property from building title.
More information about the initiation of bankruptcy proceedings is provided in the stock exchange announcement published by Tallinna Sadam on 13 December 2023.
Tallinna Sadam is one of the largest cargo- and passenger port complexes in the Baltic Sea region. In addition to passenger and freight services, Tallinna Sadam group also operates in shipping business via its subsidiaries – OÜ TS Laevad provides ferry services between the Estonian mainland and the largest islands, and OÜ TS Shipping charters its multifunctional vessel Botnica for icebreaking and offshore services in Estonia and projects abroad. Tallinna Sadam group is also a shareholder of an associate AS Green Marine, which provides waste management services.
Additional information:
Angelika Annus
Head of Investor Relations
Tel. +372 5649 6230
angelika.annus@ts.ee
