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Tatneft will not impose a moratorium on bankruptcy proceedings

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PJSC TATNEFT will not declare a moratorium on bankruptcy. Information about this appeared in the EFRSB.

According to the data that appeared in the unified state register, the company’s management chose to waive its right to declare a moratorium on initiating proceedings to declare PJSC bankrupt.

The Russian authorities have granted a moratorium to all domestic companies and individual entrepreneurs that were most affected by the coronavirus pandemic in 2020. This decision was made as one of the measures to support Russian business after the lockdown and a number of restrictions.

Under current rules, bankruptcy proceedings cannot be initiated at the request of a company’s creditor. The moratorium also prohibits the collection of debts through property that is pledged. All penalties that were imposed on the affected companies after the introduction of the moratorium were suspended. The number of enterprises protected by this measure included all enterprises of the industries most vulnerable during the pandemic, as well as a number of backbone companies and strategic organizations.

After the moratorium is lifted, Tatneft retains the right to buy back shares and pay dividends.

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