Bankrupt Cement Business Near Voronezh is up for Sale Again

Arbitration Court prolonged the bankruptcy management period for “Khokholsky Mel” company for six months. The company was engaged in the extraction and processing of limestone and gypsum in the Khokholsky district of the Voronezh region. The State Corporation “Deposit Insurance Agency” [Agentstvo Strahovania Vkladov], speaking on behalf of Mezhtopenergobank, will return 2 billion rubles invested in a cement plant project with a production capacity of 1 million tons per year.

The bankruptcy management was prolonged to sell the property of the debtor. The debt of “Khokholsky Mel” to the bank is more than 2 billion rubles. The loan was secured by pledges in the form of several plots of land in the Khokholsky District of the Voronezh Region. Those included quarries (almost 308 hectares) for the extraction of raw materials, over 260 hectares of agricultural land and a plot of industrial land for the construction of the plant.

According to the latest assessment of the debtor's property, the right to land can now be redeemed for 60.6 million rubles.

The project for the construction of a complex for the production of building materials in the Khokholsky district was announced in 2008. Khokholsky Mel company was registered in 2005. The complex was estimated at 12 billion rubles and was going to be built in four years. In 2016, the relaunched for the second time, announcing that a 9-billion-rubles cement plant will be built. The project ultimately failed and the company went bankrupt.

‘EUROCEMENT Group’ holding company has a 17-billion-rubles cement plant with a capacity of 2.2 million tpa operating in the Voronezh region since December 2012. The plant remains the main supplier in the region.