FESCO states that bankruptcy petition against it is “groundless”

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Russian logistics provider FESCO has issued a statement asserting that a bankruptcy petition against it is “groundless” and that it is “business as usual” for the company.

Specifically, FESCO noted that the intention of “Russian Management Company Arsagera” to file a bankruptcy petition against its parent company was groundless and “kindly asks its clients and partners not to respond to the provocation”.

Arsagera is claiming for RUB2.7m from FESCO, with the dispute in court.

FESCO stated: “With the Company’s net assets in total amount of 17.9 billion rubbles as for December 31, 2017 by RAS, the statement on Company’s insolvency contradicts the reality and is incendiary.”

Source: FESCO