Saint Petersburg Group “Parnas-M”, one of the largest meat product manufacturers in North-West, filed petition in bankruptcy. The company’s debt to its creditors accedes 6 billion rubles. For the last year the enterprises of food industry brought up their debt burden to the critical level, as the market operators point out, and “Parnas-M” bankruptcy may be followed by bankruptcies of other companies as well.

 

Pursuant the data of “Parnas” reporting for the third quarter of 2008 published yesterday, the plant revenue reduced almost by 40% in comparison with the corresponding period of 2007.

 

It is the first bankruptcy of large meat processing plant during this crisis, Musheg Mamikonyan, the president of Meat Union says. The bankruptcy process affords to spread over the payments to creditor. Apart from that, pursuant the law on bankruptcy, the interests can be added to the debt for supervision period, as Sergey Zimin, the legal adviser of Regional Agency for Debt Management explains. Perhaps, this procedure will help “Parnas” to pass through the difficulties, he believes.