The court terminated reorganization proceedings for MPG AgroProduction OÜ
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, the reorganization proceedings of MPG were terminated by the Supreme Court’s order. In connection with the termination of MPG’s reorganization proceedings, the bankruptcy proceedings of MPG continue in Harju District Court.
Bankruptcy proceedings were initiated on 28 November 2023 based on the application submitted by Tallinna Sadam, as MPG has not fulfilled its contractual obligations for a long time. The total amount of the claims is 3.5 million euros and it mainly consists of the outstanding debt of the building title fee, of which 3.3 million euros has already been discounted as at the end of July. In addition, Tallinn Sadam is requesting the building title to be registered in its own name.
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
